Next week will see the Autumn Budget Statement, the debut budget statement from the new Chancellor, Phillip Hammond and the first following the appointment of Theresa May as Prime Minister.
This week the Office for National Statistics has released figues indicating a rise in the total expenditure on research and development (R&D) performed in UK businesses, which grew to £20.9 billion in 2015. The CBI believes that Government could and should be working to help raise that amount through partnerships, in order to benefit UK plc.
“The growth of business R&D spending is encouraging and reflects the efforts of companies around the UK,” said Tom Thackray, CBI Director for Innovation. “This is a critical juncture for the economy and getting behind innovation will be central to the UK’s success in the years ahead, with overall R&D spending still too low.
“Growing R&D spend relies on a partnership between business and the Government, so we are calling for a joint target of 3% of GDP expenditure to be introduced. Together, the Government and business community still have plenty to do on this front.
“The Government can take real steps towards this at the Autumn Statement by increasing the budget of Innovate UK, super-charging the R&D tax credit, and ensuring science and innovation are at the heart of industrial strategy.”