R&D delivers the wealth creators for growth plan

On 28 September, Chief Secretary to the Treasury, Chris Philp, warned that the government would be seeking “efficiency savings” in Whitehall spending and “iron discipline” in public spending. Commentators have speculated that capital investment may be targeted, including cuts to R&D.

CaSE Executive Director, Professor Sarah Main, said:

“The Government’s plan for growth needs a cast iron commitment to R&D at its heart. R&D investment supports the innovators, inventors and people with wealth-creating ideas that will deliver the growth the Government is seeking. It is an investment in people and the environment they need to thrive and innovate.

“Investment in research boosts the economy, attracting entrepreneurs and private investors. Every pound spent on research generates an estimated 30p return every year, forever1. It also helps nurture a skilled and resourceful workforce in the UK that attracts businesses from abroad to locate here.

“This administration has indicated that it recognises science, research and innovation as a golden asset for the UK’s future. Cuts to R&D budgets would present a real threat to growth. Whilst balancing growth and efficiencies, I urge the Government to recommit to its R&D investment plans and place research at the heart of their strategy for growth.”

 https://www.rand.org/pubs/research_reports/RR2610z1.html