Felicity Burch, CBI Innovation Director:
“These announcements are a positive step on the journey to spending 2.4% of UK GDP on R&D and demonstrate how government support can help businesses to do more.
“But further action is needed. Meeting this spending target will require significant increases in investment to £70 billion per year – roughly double what it is today.
“Crucially, momentum cannot be lost under any future Prime Minister. The CBI is calling on both candidates to re-commit to the 2.4% agenda and adopt a concrete time frame to increase this to 3%.”