Despite the Government’s ambitious target of raising R&D investment to 2.4% of GDP by 2027, it is not expected to reach this level until 2053. This is of great concern to business as the under provision of research and development funding would stagnate UK business growth at a time when the potential for the UK is immense.
To prevent this shortfall from occurring, the CBI has called on Government in its latest report ‘The Changing Nature of R&D’ to:
- Act on its commitment to delivering the 2.4% target by publishing a roadmap and setting out a long-term trajectory for government R&D expenditure. (See the UK’s current progress on increasing research and development spending here.)
- Make it easier for businesses to navigate innovation support by creating a digital hub that clearly outlines the range of innovation support that businesses can access.
- Introduce new support to help businesses understand the potential value of their data and equip them with the tools