Commenting on the release of these statistics, Felicity Burch, CBI Innovation Director, said:
"Business investment in R&D has hit the highest point on record, showing UK firms’ thirst to be world leaders in the products and innovations of the future.
“But this spend has not been enough to make a dent in real progress towards the goal of investing 3% of GDP in R&D.
“The UK continues to lag behind the international top tier. In recent months investment intentions have also deteriorated among businesses amid Brexit uncertainty.
“There are two things the Government can now be doing to push the UK up the international table. At home it is crucial that the Spending Review sets out a roadmap for delivering on its R&D target. And as Brexit looms, it is imperative that the Government sets out an international strategy with clear commitments to maintain the close relationship the UK has with Europe on science and innovation."