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Business calls for Government R&D spend to rise


Business groups call on Government to spend more on research and make it easier for manufacturers to access funding after emergence of Omicron










Business groups have called on the Government to spend more on research and make it easier for manufacturers to access funding after the emergence of the Omicron variant. 

The Confederation of British Industry (CBI) said research and development spending could help life sciences and green technology thrive. It added that normalising relations with the EU could aid exports at a time when the prospects for foreign trade increasing are ‘lacklustre’. 

Make UK, the manufacturing industry organisation, also urged more measures to increase exports, such as bringing back trade access programmes. 

Concern: Companies are struggling amid rising costs and labour shortages and the hit from the Omicron strain has set them back again

Concern: Companies are struggling amid rising costs and labour shortages and the hit from the Omicron strain has set them back again

The group added that the Government should make it easier for smaller firms to access funding from banks and fintech groups. 

Companies are struggling amid rising costs and labour shortages and the hit from the Omicron strain has set them back again. 

The calls came as the CBI and KPMG downgraded growth forecasts. 

The CBI expects UK GDP to grow by 5.1 per cent, down from its estimate of 6.1 per cent. 

And KPMG warned growth could halve next year if more Covid restrictions are brought in. It expects the economy to increase by between 1.8 per cent and 4.2 per cent. 



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businesscable.co.uk

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