Business

Hospitality sector R&D spending falls 21%

Hospitality industry R&D spending fell 6.3% on an annual basis in Q1 2022, according to latest ONS data.

Research and development (R&D) spending in the hospitality industry fell 21% in the Q1 of 2022, according to the latest Office of National Statistics (ONS) data analysed by funding specialist Catax.

The ONS published its Q1 2022 statistics for R&D spending on 30 June, Catax states that “spending on R&D is vital to the UK economy because it helps firms compete for market share, revenue, foreign investment and creates skilled jobs”.

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