DTI & Treasury: 'Innovating for the future: Investing in R&D'

This statement covers the Societys response to the Department of Trade and Industry (DTI) and the Treasury joint consultation entitled 'Innovating for the future: Investing in research and development'. It stresses the great importance of the issues covered in the document and particularly welcomes the government's recognition of the importance of the fiscal system in the innovation process. It also covers sources of finance, tax and accounting treatment of R&D expenditure, and issues surrounding intellectual property rights.