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Call for increased research funding comes as sector fears effective cut in spending review
Seventy per cent of business leaders want to see the UK government increase support for R&D, according to a survey.
R&D tax credit specialist ForrestBrown unveiled results of its survey on key policy changes business leaders want from the new government on 21 October.
Responses from 500 business leaders across the UK showed widespread support for targeted policy changes in three areas: increased R&D funding, closer ties with the EU and tax stability, according to the innovation firm.
That comes amid widespread fears of budget cuts to research, revealed by Research Professional News.
ForrestBrown also highlighted that one in five UK businesses plan to invest in R&D in Europe. This, they said, highlights “the urgent need for a more innovation-friendly tax regime to ensure private sector investment does not shift abroad”.
‘Consistent R&D framework’
While stressing the vital role private investment plays in innovation, Sara Brigden, managing director at ForrestBrown, said: “Setting out a clear, consistent [R&D] framework in this month’s budget would allow businesses to look to the future with confidence, unlocking private-sector innovation and driving economic growth.”
According to the report, 58 per cent of businesses plan to increase their investment in R&D over the next year, and 14 per cent of business leaders emphasise the importance of retaining the R&D tax incentive.
