Now is the Time to Innovate: The Road to 3 per cent

In this report, the CBI calls for a commitment to spending 3% of GDP on R&D by 2025 – a joint target to be met by the private sector and government. UK innovation spending is currently at 1.7% of GDP, well below the spending of many international rivals. South Korea spends 4.3%, Sweden 3.3% and Germany 2.9%, to name just three.

In The Road To 3%, the CBI sets out 5 areas where business and government must improve to reach this goal – public funding and incentives, culture and skills, collaboration, regulation and intellectual property and public services procurement.