The Innovation Strategy published today will be warmly welcomed by universities and businesses alike, says the National Centre for Universities and Business (NCUB).
Dr Joe Marshall, Chief Executive of NCUB said: “We are very pleased that the Innovation Strategy recognises the pivotal role businesses will play in developing the UK into a science superpower. We know that in order to meet the target of spending 2.4% of GDP on research and development (R&D) by 2027, businesses will need to invest £17.4bn more in R&D in 2027 than they did in 2017. A bold strategy is therefore unnegotiable in order to make the UK the best place in the world to invest.”
Marshall continued: “Although the Innovation Strategy sets out a clear vision and strategy focused around “innovation missions” and seven ‘strategic technologies’, it is critical that this is now backed with clear, funded policies and incentives to enable it. A strategy alone, is not enough. We are now calling on the Chancellor to deliver this clarity in the Comprehensive Spending Review, planned for later in the year. The UK’s universities and businesses will stand ready to support the Government on this.”
Marshall concluded: “Businesses tell us time and time again that the foundations of the research system, including the fundamental research conducted in the UK’s world-leading universities, are one of their most important drivers for investing in R&D. As a next step, the Government must find a way to bind the R&D Roadmap published last year and the Innovation Strategy published today, together. Afterall, economic recovery rests on the Government, businesses, universities, and others working together to create the best possible environment for growth.”