Britain’s Prime Minister Investment to R&D

By Xyla Joelle L. Fernandez

Nov 22, 2016 06:00 AM EST

Theresa May, British Prime Minister offered business leaders a trade-off Monday, pledging more investment in science and technology while insisting that the benefits of private enterprise must be more evenly spread around the country.

May warned those attending the Confederation of British Industry conference that business has been undermined by a limited few who have damaged the reputation of many.

The comments were offered as part of a grand bargain of sorts, in which May promised support and investment in the rocky days ahead as the country prepares to leave the European Union. They acknowledged a nation still suffering from the impact of the 2008 financial crisis - one from which many households have not recovered.

As part of the effort, May declared that Britain will commit to investing an extra 2 billion pounds a year ($2.4 billion) by 2020 in research and development in hopes of putting the country at the cutting-edge of science and technology.

Prime Minister Theresa May pledged more investment in research and development as she was hoping that it will make a leader in science and technology.  Her goal is to help pump up the economy at the time when Britain is leaving the EU following the referendum in June.

She also said that her goal was for Britain to have the lowest corporate tax rates among the Group of 20 countries. The rate now stands at 20 percent and is expected to fall to 17 percent by 2020. Trump has promised a tax rate of 15 percent.

The investment in science is set to be the first step in May's industrial strategy, which is "not about propping up failing industries or picking winners, but creating the conditions where winners can emerge and grow." May also stressed that she will "always believe in business," even as she insisted that those benefits must be more widely spread around the country.

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