WA50

Business urged to double R&D investment

The Government has urged business to double its investment in R&D, increasing the ratio of R&D to national gross domestic product from 1.9% to 2.5% by 2014.

The new target means that public and private organisations will need to increase R&D by 5.8% a year over the next decade, representing £11-13bn of business investment.

Science and Innovation minister Lord Sainsbury said, 'If we can drive investment up to our goal, this would secure the UK a leading place among the major European countries and substantially close the gap between the UK and the USA, the best performing, innovation-driven major economy'.

Lord Sainsbury also highlighted the increased role of Regional Development Agencies in facilitating business innovation, by supporting knowledge transfer from universities, managing Research and Development Grants, and operating Business Links.

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