With the 2018 Budget needing to set the tone for a post-Brexit economy, the CBI proposed ways to unlock enterprise, increase the country’s competitiveness and attract more investors, all aimed at lifting productivity and sharing prosperity.
The CBI has formally called for the government to set out its planned spending on R&D to the end of the Spending
Review period, to clearly show how it intends to meet the 2.4% target as part of its roadmap to 3%.
To achieve this, government spending will have to increase. The best innovation ecosystems have support from basic research through to market development for innovative products and services. To reach the R&D target, expenditure will need to be raised across the board, but support for business innovation is currently relatively underweight.
By securing this additional R&D funding, the government can ensure that the UK remains a word-leader in innovation and that our businesses become more productive and more prosperous as a result.