The government has ambitious plans for R&D and digital, and CBI members will welcome some of the announcements.
In budgets, there is usually a fleeting nod to innovation and R&D figures are buried in the small text. Not so this year. The Chancellor spoke at relative length about measures to deliver an innovation economy, including modernising R&D tax credits, increasing core research budget, substantial increase for the Innovate UK budget, importance of being open to talent from around the world, and measures to improve digital connectivity across the UK. So far, so good.
However, as many anticipated, the government’s previous headline commitment to spend £22bn on R&D by 24/25 has been delayed by two years, instead reaching £20bn by 24/25. This row back tarnishes what could otherwise have been a blockbuster of a budget on innovation. The direction of travel is broadly good, however with many priorities depending on this budget – from AI strategy and integrated review to delivering on net zero and capitalising on potentia
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