With my previous columns I’ve been no stranger to highlighting the social and economic value of high R&D spending sectors like tech and, in particular, life sciences. At its very best, their work can help shape societal progress - think back to the development of the COVID-19 vaccine, for instance – and as such, their work can have the excitement factor to lift the national mood and inspire confidence.
Aside from the challenges inherent within R&D funding, inflationary pressures continue to be the biggest barrier for a number of investors. Inflation has the potential to hinder investment and innovation, setting the UK back further.
Looking to Australia and Canada provides further positive examples of how this can be achieved, with their major pension funds delivering strong returns for investors, whilst also pumping billions into high growth, R&D-heavy industries.Real Madrid Team ‘Much Better Than Galacticos’, Says Club Legend It's imperative that progress on these key policies continues in order for the UK to realise its ambition to be the preeminent global science superpower, and a major leader in tech. In what is more than likely to be an election year, it’s vital that we don’t lose sight of an aim that will take longer than any one Parliamentary term or most MPs’ tenures to fully realise.The latest available data shows that UK R&D spending as a portion of GDP is in a strong position at between 2.9-3.