New funding for research and development will help address the lack of medium and large companies in Kent, according to a business group ambassador in the county.

Extra funding for so called R&D, worth £2 billion, was announced by Chancellor Philip Hammond in the Autumn Statement last week.

Dominic Deeson, an Institute of Directors ambassador and publisher at Canterbury-based Deeson Group, said the cash is “desperately needed” and could increase the mix of businesses in Kent.

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The Chancellor also announced £400 million of lending by the Government owned British Business Bank to help small companies grow and avoid being snapped up by foreign multinationals.

Speaking on KMTV business show Chris & Co, Mr Deeson said: “Something we desperately need is ongoing investment in research and development because that is the future.

“Places like Kent Science Park [in Sittingbourne] and Discovery Park in Sandwich – we need more of those.

“In Kent we have a lack of manufacturing and [the economy] is made up of a lot of very small businesses.

“There are very few large businesses or even medium sized businesses in the county.

“Anything that can address that so we can get a better mix of businesses is good.”

Mr Deeson, who also talked about the Black Friday craze on the show, said the Autumn Statement forgot important sectors like the NHS and social care because of the need to reassure company bosses after the vote to leave the EU.

He also said he “has never had any faith in Government” and that the Brexit negotiations should be conducted by business people.

He said: “With Brexit, it is about the economy.

“As we move to a post-Brexit situation, having significant investment in the UK becomes increasingly important because we may not be eligible for EU funding..." - Mike Westby, Centauri Therapeutics

“As a business person who has never had any faith in Government, it should be business people running the Brexit negotiations.

“Whenever I say that to an MP they say ‘but we are the elected representatives’ but most of them don’t know a darn thing about business.

“They don’t actually know what the business community needs or wants.

“That is why this Autumn Statement was as it was. Everything at the moment is directed to Brexit and what the affect is going to be.”

The Government’s research and development funding was welcomed by Mike Westby, chief executive of small biotech business Centauri Therapeutics, based at Discovery Park in Sandwich.

He said: “At the moment small businesses doing R&D face an uncertain future because of Brexit and don’t know where funding will come – so for the Government to invest £2 billion is encouraging.

“We are a local employer and looking to grow. We are going to need access to multiple forms of finance during the different phases of our business.

“As we move to a post-Brexit situation, having significant investment in the UK becomes increasingly important because we may not be eligible for EU funding.

“If we want to grow the R&D sector here we need different sources of funding.”

Ashford-based medical device maker ITL is contracted by many small businesses to make products developed from R&D.

Chief executive Tom Cole said: “The UK is well placed to retain its place as a global leader for innovation post Brexit - with the £2 billion announced by the Chancellor last week providing an indication of just how important R&D will be to the UK’s future economy.

“Any support – financially or otherwise – that can be given to companies like our customers going forward can only be a good thing.”