Commenting on Nesta’s report Plan I, the case for innovation-led growth, Labour's Shadow Business Secretary, Chuka Umunna MP said:
“Nesta’s report, based on years of research, underlines the importance of innovation to our prospects for long-term, balanced growth. We are in a double dip recession made in Downing Street, but innovation is being held back by the difficulty firms are facing in accessing the finance they need, and that is why Labour is looking at plans for a British Investment Bank. Ministers have failed to get lending going to businesses.
“The Tory-led government has cut the science budget by 14% in real terms and scrapped Labour’s long term science investment framework, creating uncertainty for business and putting the world-leading position which the UK has occupied in the past at risk.”