UK business R&D investment is in decline. Between 2021 and 2023, private R&D spending fell by more than 6% in real terms — a cumulative drop worth £3.4 billion over two years — the steepest contraction among major economies. In contrast, global competitors such as Korea, Japan and the US are accelerating, securing a decisive edge in the industries of the future.
In response, the National Centre for Universities and Business (NCUB), led by Board member Sir John Manzoni, convened a business-led R&D Taskforce. Over the past year, the Taskforce has gathered insights from more than 2,000 firms and industry leaders to chart a new path for UK business R&D.
The Taskforce unites some of the UK’s most influential leaders in science, business and academia, including Dame Nancy Rothwell and Sir Jon Symonds.
About the report
At this event, we shared an exclusive preview of the Taskforce’s final report, based on detailed interviews with R&D leaders, a survey of over 2,000 SMEs, and extensive engagement across the R&D ecosystem.
The UK is not short of capability. Our research base is world-class, our talent pool deep, our universities collaborative, and our record of scientific excellence unrivalled per capita. But these strengths are not consistently being translated into business-led R&D investment. SMEs face financial and navigational barriers, while larger firms encounter fragmented policy and delivery gaps.
The report sets out three practical, deliverable recommendations to Government, policymakers, businesses and universities, calling for urgent, coordinated action to:
- Focus the UK’s efforts on fewer, higher-impact Industrial Innovation Priorities
- Simplify access to support, especially for SMEs
- Reform institutions to enable stability, speed and delivery
It makes the case for bold, strategic government intervention—not to replace private investment, but to de-risk innovation, provide patient capital, and catalyse business co-investment at scale.
These recommendations are designed to work in tandem with wider Industrial Strategy reforms—on skills, infrastructure, regulation and finance—to create the conditions for sustained, innovation-led growth.
The launch set out a clear and pragmatic vision for the future of UK R&D. Attendees will gain:
- First-hand insight into the Taskforce’s recommendations
- Perspectives from sector leaders, including members of the Taskforce
- The opportunity to engage in debate on how the UK can grow business-led R&D and strengthen the wider ecosystem
During this session, attendees received an exclusive preview of the key findings from our upcoming report, ahead of its public release.
You can read the report here and watch the recording here