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Consultation response: Business, Innovation and Skills Committee’s inquiry on Productivity Plan

10 September 2015

The Commons Business, Innovation and Skills Committee is holding an inquiry on the Government Productivity Plan, Fixing the foundations: Creating a more prosperous nation.

The Society has written to the Committee to highlight the important contribution of research and innovation to productivity growth.

The letter emphasises the importance of investment in R&D to help reverse recent trends in reduced productivity. To help fulfil the Productivity Plan’s ambition of the UK becoming the richest of all the major economies by 2030, the Society calls on the Government to increase its investment in R&D to at least match the OECD average of around 0.67% of GDP by 2020.