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Brexit: What It Will Mean For Research And Development

Jamie Hutton

We stand now more than two years on from the Brexit vote, and the UK’s future with Europe remains far from clear. Brexit (if it happens) will have a resounding impact across the UK, and its effect on research and development (R&D) is likely to be significant.

Funding, grants and European collaboration

The European Union (EU) has proven to be an effective vehicle for driving innovation. Under its Europe 2020 strategy, the EU has set itself the target of investing 3% of its GDP into R&D. The majority of EU spend on R&D comes through a series of grants, which teams across the EU are encouraged to bid for. The UK benefits from this system greatly, as although the UK contributed nearly £4.7 billion to EU research, it has gained back almost £7.7 billion in grants.

Read the full article from Data Economy.

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