It is very welcome that the Government continues to recognise that “science and innovation are powerful drivers of economic growth”. There was a positive focus on business R&D investment and the environment for business R&D. Specific areas of focus included innovation locations, infrastructure and supporting innovative sectors. It is worth noting that many of the commitments had already been made in the 2023 Autumn Statement and we have not yet had time to see how these will pan out. However, if the government is serious about becoming a ‘science and technology superpower’, it will need to address a number of areas that were missing from yesterday’s announcements and which we outlined in our budget representation.
“It is very welcome that the Government continues to recognise that “Science and innovation are powerful drivers of economic growth”. There is clear and emphatic support from the Chancellor for UK R&D, with a positive focus on business R&D investment. It is worth noting that many of the commitments made today had already been made in last year’s Autumn Statement and we have not yet had time to see how these will pan out.”
Supporting innovative industries
The Chancellor praised the UK’s technology ecosystem and stated his ambition for the UK to be the ‘world’s next Silicon Valley’, with technology entrepreneurs starting and growing their businesses here to the point of stock market listing. To this end, the Budget committed to unlocking more pension fund capital and making it easier for pension funds to invest in UK growth opportunities.
The Spring Budget also announced additional funding to support R&D and manufacturing projects across sectors such as the life sciences, automotive, aerospace, artificial intelligence and clean energy sectors. These welcome investments will support advanced manufacturing R&D and new facilities .
CaSE will continue to highlight the issues raised here and promote broad cross-party support for R&D in the build up to this year’s general election.