Off the wire
• Burundi's National Assembly elects new ombudsman  • Iran said ready to mend ties with Egypt  • Trial commences for four accused of assassinating late Saudi king  • Belgium strengthens leadership position in European pharmaceutical industry  • EU to debate how to combat wildlife trafficking  • Pakistan says 4 killed in Indian firing along LoC  • U.S. sees falling dementia rates since 2000: study  • U.S.-led airstrikes kill 10 civilians in Syria's al-Raqqah  • Jordan says major oil shale projects to start in 2017  • Belgium reports almost three new cases of AIDS every day in 2015  
You are here: 　 Home

Britain to invest blns into research, development

Xinhua, November 22, 2016 Adjust font size:

Prime Minister Theresa May told the country's business leaders Monday she planned to invest billions of pounds in research and innovation.

In a keynote speech to the annual conference of the Confederation of British Industry (CBI), May set down her ambition to "make Britain the go-to place for innovators and investors."

Her package of measures includes increases in government investment worth two billion pounds a year (2.5 billion U.S. dollars) by 2020. This will ensure British business remains at the cutting edge of scientific and technological discovery, she said.

May is also planning a new Industrial Strategy Challenge Fund to back priority technologies, such as robotics and biotechnology.

There will also be a review of current research and development (R&D) tax incentives to ensure the global competitiveness of Britain as a home for scientists, innovators and tech investors.

In her speech, May made it clear to the world of commerce that post-Brexit Britain remained open for business.

She described her measures as the first steps in a modern, ambitious industrial strategy which will build on Britain's strengths and address long-term structural challenges.

May said her government will "step up to the task and get the economy firing on all cylinders."

Referring to the June 23 referendum vote, May told CBI delegates: "I know leaving the European Union creates uncertainty for business. Some are unsure about the road ahead or what your future operating environment will look like. And there will certainly be challenges, a negotiation like the one on which we are about to embark cannot be done quickly, or without give and take on both sides."

May spoke of opportunities "to get out into the world and do new business with old allies and new partners," adding, "my aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also a tax system that is profoundly pro-innovation."

The prime minister announced measures to turn bright start-ups into successful scale-ups by backing them for the long-term, and also more help for smaller businesses to thrive.

"This amounts to a big and ambitious agenda, but the times we are living through demand nothing less. For change is in the air, and when people demand change it is the job of politicians to respond," May concluded. Endit