As the UK develops its economic role outside of the EU, we need an ambitious commitment to innovation to ensure we have a competitive, globally-focused economy that delivers prosperity for all.
The good news from our innovation survey is that more companies are choosing to respond to the UK’s decision to leave the EU by increasing innovation expenditure than those who are planning to hold back. We now need to ensure that businesses’ ambitions can be translated into positive outcomes.
Our survey reveals areas of strength for the UK’s innovation ecosystem – especially universities and the R&D tax credit – but companies are more likely to say the UK is a follower rather than a leader when it comes to innovation support.
At present, CBI members rank the UK in only 10th position globally for its “innovation ecosystem”.
Our under-investment in R&D has long acted as a drag on the economy. UK p