Government urged to step up R&D spend
The Government is being called upon to speed up its target of increasing spending on research and development after a new report suggested it will be missed - by 26 years.
A study by the CBI and Leeds University business centre Nexus showed that the level of investment in R&D in the UK lagged behind European countries such as Germany.
Data was said to be an "underexploited" asset because most companies faced challenges such as skills shortages.
CBI director Felicity Burch said that Government must speed up its effort to hit the target of raising R&D investment to 2.4% of GDP by 2027.
"If the UK is to reap the benefits of the data revolution, the Government's roadmap must ensure that the R&D tax credit is modernised, that businesses are able to collaborate with universities on data, and simplify access to innovation support through a 'one-stop' shop," she said.
The report was unveiled at the launch of a new £40m Nexus innovation hub at Leeds University.
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