Rishi Sunak speaks at CBI conference

The transcript discusses the slowdown in productivity growth since the financial crisis and the resulting gap with the US. It emphasizes the importance of innovation, starting with government investment in basic science and research. The UK government has protected the R&D budget and is investing in high-risk research through the Advanced Research and Invention Agency. The private sector's role in driving growth is highlighted, with tax cuts and R&D tax reliefs to encourage innovation. The UK aims to leverage Brexit freedoms to create a pro-innovation regulatory environment in key sectors.

What has been identified as a major factor contributing to the productivity gap with the United States?

• Lack of skilled labor

• Insufficient infrastructure

• Slowed rate of increase since the financial crisis

• High taxation rates

What is the government's approach to boosting innovation through research and development?

• Reducing the R&D budget

• Investing in basic science and research

• Focusing solely on private sector initiatives

• Cutting funding for high-risk projects

What new agency has been established to support high-risk, high-reward research?

• Research and Development Council

• Innovation and Technology Bureau

• Advanced Research and Invention Agency

• National Science Foundation

How does the government plan to encourage larger companies to engage in more research and development?

• By reducing research grants

• By providing R&D tax relief

• By imposing stricter regulations

• By increasing corporate taxes

What sectors are targeted for a pro-innovation regulatory environment post-Brexit?

• Retail and wholesale

• Tourism and hospitality

• Life sciences, financial services, AI, and data

• Manufacturing and agriculture