Invest more in R&D, demand business chiefs

Investment - CBI has claimed that Britain invests the least of all the GB nations - SantanderCB

The CBI has claimed that Britain invests the least of all the G8 nations in research and development, and called on the government to reinvest funds from austerity cuts into innovation. The business group says the government spends only 0.49% of GDP on R&D and has demanded that ministers double the budget for Innovate UK, the body sponsored by the business department, to address that imbalance. It wants the government to raise investment in research and science to 3% of GDP and to establish a long-term strategy. John Cridland, the outgoing head of the CBI, 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.'


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