A new report commissioned by CaSE provides crucial economic evidence to support claims that Government can boost growth by investing in science and engineering research.
The new report, The Economic Significance of the UK Science Base , extends previous studies by examining the contribution of the UK science base to our economy at the level of industry, universities and individual researchers. It shows that, in each case, public investment in science and engineering leads to economic growth.
CaSE, in conjunction with the funders of the report, also wrote a two page briefing note that accompanies the report.
The briefing note conveys eight key messages for policy makers:
- Public expenditure on science and engineering research is an investment that generates economic growth
- There is a complementary relationship between industry and public sector research and development (R&D)
- Synergy between the public and private sectors is vital to generate economic growth
- Putting money into UK public sector R&D attracts private investment from overseas
- Public investment in research increases rather than diminishes private sector investment
- Investment in science and innovation is not and should not be seen as a zero-sum game in which public and private investment can substitute for each other
- The public sector can play an important role by connecting public and private research
- Publicly-funded academics are among the most outwardly engaged researchers
The report was commissioned by CaSE and funded by a consortium of CaSE members: British Pharmacological Society, The Geological Society, The Institution of Engineering and Technology, Institute of Physics, The Royal Society of Chemistry, Society of Biology.