Philip Hammond announced an increase in funding for research and development (R&D) in today’s Autumn Statement.
It came as part of his desire to increase innovation and reduce the productivity gap.
He said: “We do not invest enough in research, development and innovation. As the pace of technology advances and competition from the rest of the world increases, we must build on our strengths in science and tech innovation to ensure the next generation of discoveries is made, developed and produced in Britain.
“…I can confirm the additional investment in R&D, rising to an extra £2 billion per year by 20-21, announced by my Right Honourable Friend, the Prime Minister on Monday.”
Hugi Clarke, director at Foresight Group, said: “At Foresight we welcome the chancellor’s initiative of investment in R&D rising by £2 billion a year by 2020 as a stimulus to boost innovation and investment in R&D.
“Innovation is the lifeblood of any thriving economy and Foresight has been at the forefront of investing in SMEs, developing innovative technologies and creating jobs for over 30 years. SME businesses remain as one of the key pillars that hold up UK Plc – therefore it is good to see that stimulating investment in these vitally important SMEs remains a core priority for the UK government.
“The recently launched Foresight Williams Technology EIS Fund was conceived specifically to support those emerging companies which possess the kind of intellectual property with potential to shake up the respective markets in which they operate and who will benefit from the engineering and technological expertise offered by Williams Advanced Engineering.”