New report calls for collaborative approach to R&D challenges

The East Midlands is investing less in research and development (R&D) than other areas of the UK, according to a new report by the CBI.

The report, entitled “Don’t wait, innovate,” indicates that the UK currently spends 1.7 per cent of GDP on R&D, 0.7 per cent less than the OECD average.

UK investment is particularly limited outside of the South East, with the East Midlands spending less on R&D than seven of the UK’s 12 regions.

In response, the CBI says the UK “must capture the benefits that flow from improving innovation-led growth across the country” by creating a new network of “Catapult Quarters” which would see businesses collaborate regionally over key R&D challenges.

Richard Blackmore, CBI regional director for the East Midlands, said: “By running with this agenda, business and government can in partnership unleash the innovative potential of towns and cities throughout the UK. From Derbyshire to Nottinghamshire there are already a wealth of successful stories of companies coming together in their regions to the benefit of society and the economy.”