The National Centre for Universities and Business (NCUB) has today welcomed a report from the Campaign for Science and Engineering (CaSE) entitled ‘The Economic Significance of the UK Science Base’ and warned that work had to be done to avoid the UK being seen as providing cheap research that could be exploited elsewhere.
The report provides further proof that the combination of public and private sector funding for UK research and development provides a significant economic benefit to the UK. CaSE analysis calculates that for every £1 of government investment in R&D, private sector investment rises by 20p each year from then on.
Commenting on the report, NCUB Director of External Affairs, Aaron Porter, said:
“There is increasingly strong evidence to prove not only the direct benefits of public investment in research but also the resulting increase in private sector funding. UK research attracts large amounts of investment from overseas but without a strategy to find commercial uses in domestic industry this could be exploited elsewhere with little follow on benefit here.
“Sharing the investment in innovation between business and universities creates opportunities that would not exist were either to go it alone. University based investigation has a long history of leading to industrial application and business imperative can help to direct academic research.”
NCUB Press Office – Will Hoyles 07772 512519 / email@example.com
The National Centre for Universities and Business (NCUB) develops, promotes and supports world-class collaboration between universities and business across the UK. Our aim is to find practical ways of harnessing the talent being developed in our universities, and the UK’s strength in ground-breaking research and development, for the benefit of the nation’s economy.
Drawing on the 25 years’ experience of our predecessor body, the Council for Industry and Higher Education (CIHE), NCUB is committed to a programme of research, policy development and practical partnerships. From facilitating collaborative R&D, to developing the entrepreneurial and employability skills of students at all stages of their education, NCUB is working to support UK business and higher education in a competitive global market.
The CaSE report can be found here.
The report was co-authored by Prof Alan Hughes who is also a Senior Research Fellow at NCUB.