The Confederation of British Industry (CBI) has called for the Government to allocate more funding for the UK’s innovation agency — the Technology Strategy Board — in order to support growth in the UK. CBI called for the Chancellor to seriously consider where cuts are being made as part of the £11.5bn in savings that need to be made and proposed recommendations that would attempt to not harm the ‘fragile growth’ of the UK.
Part of the recommendations from CBI included supporting the Technology Strategy Board with continued or extra funding and stated that the organisation has been “underfunded to date and is crucial to successfully protect innovation in the UK.” Read the full press release here.
The announcement was welcomed by the Technology Strategy Board whose role has already been highlighted this year as a key body for keeping innovation alive, with powerful economy-boosting tools such as its successful SBRI programme under its belt.
David Bott, Director of Innovation Programmes at the Technology Strategy Board, said:
“The CBI is a well respected organisation that is the voice of business in the UK — our key audience — and we welcome their announcement today. What this statement really highlights is that the Technology Strategy Board has an essential role to play as one of the crucial tools protecting the mechanics of innovation in the UK.
We use our funding to help businesses prosper and grow so that they can compete in a fast-paced global marketplace. Increased support from Government would mean that we can continue to keep the heart of innovation beating through even more of the best British businesses in the country today.”