The CBI, in its report, 'Now is the time to Innovate', (March 2017) called on government to target public and private sector UK R&D spend of 3 per cent of GDP by 2025, to strengthen the UK’s innovation ecosystem, drive productivity and raise living standards
All the major political parties have now included a target to increase UK R&D expenditure in their manifestos.
In response to the Conservatives' commitment, CBI Director-General Carolyn Fairbairn said:
“Businesses will be pleased that the Conservatives have adopted a long-term target to raise UK R&D investment to 3% GDP. This is something the CBI has called for as evolving innovations, new technologies and developing expertise can help tackle many of today’s greatest challenges, while delivering more jobs and prosperity across the UK.”