20 November 2017

  |  CBI Press Team

Press release

'Research and development is crucial to building long-term productivity growth'

Josh Hardie, CBI Deputy-Director-General, has responded to the latest Government announcements on research and development and infrastructure. 

'Research and development is crucial to building long-term productivity growth'

On the boost to R&D, Josh said:

“Research and development is crucial to building long-term productivity growth. This latest announcement is a hefty down payment on the government’s commitment to raise investment in innovation, representing a year on year increase in government spending on R&D as a percentage of GDP.

“If spent in the right areas, this will help businesses to invest more of their own money, more successfully. However, there is still an immediate shortfall in grants funding for Innovate UK, and businesses will be looking to government to address this in Wednesday’s Budget.”

 

On the Transforming Cities Fund, Josh said:

“Businesses in cities across the country are keen to see improved regional connections that the CBI and its members have long called for. By improving the routes businesses rely on every day to get goods to market and people to work, this investment can bring a much-needed boost to growth, productivity and quality of life. Firms await further details on how cities can benefit from the allocation of funds, and the improvements that will be made to local roads and railways.”