The significance of R&D following the pandemic
The UK is internationally recognised for our leadership in research, the excellence of our scientific institutions, and the innovation in our economy. We can proudly claim to be the nation that gave the world the steam engine and the jet engine. We discovered graphene and we decoded the structure of DNA. Today, we are by far the top destination in Europe for venture capital, with inward investors attracted by our talented and diverse workforce as well as our cutting-edge technologies and services.
The COVID-19 pandemic has shown all of us the vital importance of science and innovation. British researchers are at the forefront of global efforts to find a vaccine and are working hard to map out the impact of the pandemic on our lives and livelihoods. Organisations of all shapes and sizes have worked tirelessly to respond to the crisis in innovative new ways.
In March, the Chancellor announced a record increase in public investment in R&D – committing to reaching £22bn per year by 2024/25. Just a few months on, this commitment has added importance. We will need to be even more creative and innovative to adapt to the ‘new normal’, and to recover swiftly from COVID-19. It is our duty to build a future which is greener, safer and healthier than before.
This means revitalising our whole system of science, research and innovation to release its potential – to unlock and embrace talent, diversity, resilience and adaptability, and to tackle our biggest challenges, such as achieving net zero carbon emissions by 2050. We have a once-in a-generation opportunity to strengthen our global position in research, unleash a new wave of innovation, enhance our national security and revitalise our international ties.
We will use this opportunity to pursue ambitious new goals – the “moonshots” that will define the next decade and beyond. By stretching our ambitions and engaging with and learning from people and communities all over the UK, we will create long-lasting economic and societal benefits for our country.
People are at the heart of this. By making the UK the very best place in the world to be a researcher, inventor or innovator, we will inspire the next generation of engineers, biologists, designers, historians and entrepreneurs. We want to send a powerful signal to talented people around the world: come to the UK, be part of this exciting new future.
“The pandemic has been the greatest disruption to our lives and livelihoods for a generation. But this is not a moment to stand still. This is a moment of great reinvention. By confidently embracing the power of science, research and innovation, we will leap forward and build a brighter future for all.”
- The Rt Hon Alok Sharma MP Secretary of State for Business, Energy and Industrial Strategy