Incentives from government would boost research and development
The government needs to create better incentives for businesses to invest or the UK risks falling behind other countries and losing out on the benefits from investment in research and development.
Investment in R&D could boost the UK economy, improve the quality of the NHS and unleash potential cutting-edge technologies according to a new report, ‘Backing Business R&D’, released today by the Campaign for Science and Engineering (CaSE).
In a statement Project Lead, Dr Camilla d’Angelo, policy manger, Campaign for Science and Engineering, said: “Over the last year we have engaged with experts and professionals from across the business R&D landscape. Our evidence shows that the UK is not as attractive as it could be for business R&D.”
In the UK, businesses are the main funders and performers of R&D; in 2021 they performed 71 per cent of all UK R&D worth £46.9bn. Recently released data from the ONS on Business Enterprise Research and Development (BERD) shows that high inflation has contributed to a stagnation in business R&D investment in the UK since 2018.
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