The CBI is pressing the Government to prioritise innovation and science funding in the forthcoming Comprehensive Spending Review (CSR).
Raising total research and development spending to three per cent of GDP would help to achieve this, buttressed by a dedicated and long-term industrial strategy, the CBI argues.
The CBI is calling on Ministers to double the budget for Innovate UK after new research by the employers’ group revealed that the Government spends just 0.49 per cent of GDP on research and development – the lowest among the G8 nations.
John Cridland, CBI Director-General, said: “Our research shows that innovation investment has never been more important, given its effect on enhancing productivity. While our economy is doing well, we must not be complacent, as we cannot afford to rest on our laurels while our peers pace ahead.”