Government launches Innovation Strategy
The government has announced its Innovation Strategy, an effort that will pump £22bn into R&D and create conditions for private sector investment into innovation.
Launched today (July 22, 2021) by business secretary Kwasi Kwarteng, the Innovation Strategy is the government’s long-term vision to put innovation at the heart of ‘building back better’. Innovate UK and UK Research and Innovation (UKRI) have been tasked with putting the Strategy into operation.
The UK will increase annual public investment on R&D to £22bn, but BEIS state that the private sector will have a key role in boosting spending on R&D to target domestic priorities including tackling climate change and boosting productivity.
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“With businesses responsible for the majority of innovation and R&D done in the UK it is welcome, and somewhat refreshing, to have a strategy so focused on the objective of boosting innovation by private sector firms,” commented Prof Sir Jim McDonald FREng, President, RAEng. “With pressures on public finances, the impact of the COVID-19 pandemic on businesses, and growing global competition, supporting businesses to manage the risks associated with R&D and encourage innovation is a way of securing our future growth and reaping the returns from our investment in research.
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