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20 November 2017

Research and development investment for new industrial revolution

Responding to today’s Government announcement on the forthcoming Industrial Strategy, Federation of Small Businesses National Chairman, Mike Cherry, said: “Although overdue, today’s commitment to increase research and development spend as a percentage of GDP, is a step in the right direction for driving innovation in the UK.

“Investing in innovation is essential to improving productivity and creating the high quality jobs of the future in the high tech industries that will mark the fourth industrial revolution. Small businesses will play a key part in this revolution and it is vital that programmes, such as the Industrial Strategy Challenge Fund and Small Business Research Initiative, are developed in a way that enables small firms to drive cutting edge innovation.  Just as importantly, we look forward to the publication of the industrial strategy setting out a roadmap for improving the spread and adoption of innovation among small firms.  

"We are reassured to see the Government adopting a UK wide approach to the industrial strategy with the announcement of the Intra City Transport Fund. Many small firms rely on accessible and well maintained transport networks to move the goods and services their businesses are built on. A fundamental part of this investment must be improving local road.”