Today the Prime Minister announced a new substantial investment in research and development (R&D) worth £2bn per year by 2020.

Theresa May laid out what she called a 'modern, ambitious industrial strategy' for UK business and innovation, in a speech at the Confederation of British Industry (CBI) Conference.

Speaking before release of the Autumn Statement this Wednesday (23^rd November), the Prime Minister also announced a new Industrial Strategy Challenge Fund to back priority technologies, such as robotics and biotechnology.

Announced today, there will also be a review of current research and development tax incentives with the aim of ensuring the global competitiveness of the UK as a home for scientists, innovators and tech investors.

In terms of the challenge ahead, the Prime Minister said that Government will take an active role that backs British business, with the intention of making Britain the global go-to place for scientists, innovators and tech investors.

May also stressed the importance of attracting outside investment for business growth in the UK.

Dr Laura Bellingan FRSB, director of science policy at the Royal Society of Biology, said:
“We welcome the commitments from the Prime Minster today, pledging support and funding to help the UK maintain its leading role in research and development, and shaping it as a global hub for science, technology and innovation."

“To truly benefit from financial investment in UK R&D, global collaboration and the international flow of talented people must also be enabled and supported, and the right regulatory environment created. The continued work and advice of scientists will be essential for this."

Read the full RSB policy briefing: Arguments in favour of public investment in UK research and innovation: Autumn 2016.

Further updates on the 2016 Autumn Statement will follow on our website this week.