Thanks to reports from the Office for National Statistics (ONS), we have seen a massive increase in spending on research and development in the Welsh private sector.
In fact, the stats show this sector has grown at nearly double the rate for the UK as a whole. This massive growth rate still has its share of total expenditure below 2%. The report shows that Wales R&D spend was up 6.6% from £463m to £494m. The UK as a whole had a 3.5% increase on par with recent year by year growth.
Wales contributed 1.8% to the total UK R&D expenditure. Scotland had a 5.3% share and Northern Ireland had 2.3%. England, as expected, attributes the remaining 90%.
Mark Tighe, chief executive of R&D tax relief specialist Catax, said: “The rate that R&D spending in Wales grew last year was almost double that of the UK overall. That’s a phenomenal performance in a pandemic. R&D spending in Wales rose by 6.7% to £494m while the UK rate of growth only topped 3.5% in 2020.
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