§ Mr. WigleyTo ask the President of the Board of Trade what measures are currently undertaken to encourage increased expenditure by United Kingdom companies on civil research and development.
§ Mr. LeighThe Government seek to encourage companies to invest more in research and development by creating the right economic climate, for example, by reducing the tax burden on business. The main rate of corporation tax, at 33 per cent. is now the lowest in any G7 or EC country. In addition, the Government provide some £300 million per annum to United Kingdom companies through a variety of schemes designed to stimulate additional expenditure on research and development. The Government also seek to educate the financial community about the importance of research and development through, for example, the work of the DTI's innovation unit.