Britain to be the 'go-to place' for innovators and investors, says PM

UK Prime Minister Theresa May today outlined the first steps in a modern, ambitious Industrial Strategy which will build on the UK’s strengths and address the long-term structural challenges which can hold British businesses back.

The PM announced a new active role that backs British business and should make Britain the global go-to place for scientists, innovators and tech investors. She said that the government will provide an additional £2 billion ($2.46 billion) investment per year for research and development by the end of this Parliament.

Speaking today at the annual conference of the Confederations of British Industry (CBI) at the Grosvenor House hotel, she also announced a review of the support for organizations undertaking research through the tax system, looking at the global competitiveness of the UK offer. She stressed her "aim" for the UK to maintain its status as having the lowest corporation tax rate in the G20 group of countries. That could mean matching US President-elect Donald Trump's pledge to cut the tax on big firms to just 15% - a move experts said would cost the Treasury £10 billion.