Commenting on the Government’s announcement on research and development (R&D) funding, Dr Joe Marshall, Chief Executive of the National Centre for Universities and Business (NCUB), said: 

“Honouring the commitment to increase public spending on R&D to £20 billion a year by 2024/25 has demonstrated the Government’s recognition that innovation is vital to drive long-term economic growth. 

“The Government had previously planned to increase this further to £22 billion by 2026/27, and we would urge them also to maintain this commitment. 

“The changes made to the large business R&D tax relief scheme will help attract and maintain business investment in UK R&D. However, we are concerned that reducing the generosity of the SME scheme will dampen the innovation potential of our emerging research-intensive businesses.  

Refocusing Investment Zones to be based around and draw on the strengths of universities aligns to NCUB’s call for the creation of Innovation Collaboration Zones in our 2020 R&D Taskforce. If we are to encourage growth across the country, bringing our key actors together will be critical.”