MPs call for more research spending

AN INFLUENTIAL group of MPs is today calling on the government to spend hundreds of millions of pounds more on research and development, in a drive to capitalise on the UK’s knowledge base to boost economic growth. The Business, Innovation and Skills Select Committee wants Innovate UK’s budget doubled from £500m to £1bn. And the MPs want other incentives put in place to boost overall R&D spending by the public and private sectors from 1.7 per cent of GDP to three per cent. Other measures would include giving small firms greater access to a database of research underway.