Liberal Democrats launch Plan for Business including £17bn research fund

The Liberal Democrat's have launched their Plan for Business, including a £17 billion research and development fund over the next five years to secure the UK's position as a "global research powerhouse".

The funding will be used to leverage private investment and ensure that national spending on research and development reaches 3% of GDP as soon as possible. The additional funding would come out of a £130 billion capital investment fund that would also support vital infrastructure projects across the country.

This forms part of a series of proposals to boost innovation and growth across the UK economy including:

• Stopping Brexit to maintain access to skilled workers and research funding from the EU
• Working with European neighbours to ensure tech giants and other multinationals pay their fair share of taxes, so up-and-coming entrepreneurs have a chance to compete
• Increasing the British Business Bank's support for venture capital funds to support UK digital start-ups
• Increasing investment in the Strength in Places Fund, to boost innovation and economic growth in areas outside of London and the South East
• Setting up creative enterprise zones to grow the cultural output of areas across the UK

Liberal Democrat Shadow Business Secretary Sam Gyimah said:

"Our country and our businesses deserve better than a choice between a hard Brexit under Johnson or the hard left under Corbyn. Both parties would damage businesses through their plans to end free movement and deprive our fast-growing businesses of the talent they need to compete globally.'

"The Liberal Democrats are the natural party of business, with a clear plan to stop Brexit, save free movement and focus on addressing the real issues facing our economy.'

"We will build a brighter future by securing the UK's place as a global research powerhouse, supporting our entrepreneurs, and creating good jobs in new and growing industries."