21 November 2017

  |  CBI Press Team

News

'Firms know innovation has fundamental role in helping them grow'

The CBI has commented on the publication of official business R&D spending for 2016, showing that it grew by £1.2 billion to £22.2 billion in 2016, an increase of 5.6%.

'Firms know innovation has fundamental role in helping them grow'

 

Tom Thackray, CBI Innovation Director, said:

“Even against an uncertain backdrop, British businesses have increased their R&D spend to record levels. Firms know that innovation can have a fundamental role in helping them grow and become more productive in challenging times. However, the total level of spending is still far too low by international standards.

“The Government has understood the scale of this challenge and their decision to increase funding until 2021/22 represents a hefty down payment on their own commitment to raise UK R&D spend to 2.4% of GDP. Businesses await the details of this investment in the Budget and the Industrial Strategy. If it is spent in the right areas, it will help businesses to invest more of their own money, more successfully.”