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UK Industry to Increase Innovation Spend Because of Brexit

UK Industry to Increase Innovation Spend Because of Brexit

A CBI survey has found that 70% of UK businesses are committed to increasing or maintaining their innovation budget to ensure the country’s industry continues to thrive after Brexit.

According to the survey businesses believe the UK industry must step up its game to compete in a world market.

65% of the businesses surveyed said top priorities were to increase collaboration and partnership, while 68% saw greater access to technical skills as key.Director General of the CBI, Carolyn Fairbain, said the UK needed to work hard “to become the front-runner in global innovation”.

She added: “Innovation is the nucleus of future economic and social development, so it is encouraging that seven out of 10 firms will keep up – or even raise – their spending on new technologies and work practices to grow their business.

“While the UK has many innovation strengths to build on, businesses are worried that the country is too much of a follower in the global economy, with the lack of access to technical skills a grave concern for ambitious firms.”

CBI President, Paul Drechsler, said businesses were “100% committed to making the best of Brexit”. He also called on the government to be clearer about its plans for exiting the European Union. 

He said:  “We’re not asking for a running commentary, but we are looking for clarity and, above all, a plan.“For many firms, it’s not about a hard or soft Brexit, but a smooth Brexit.”

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