CaSE responds to the Growth Plan 2022

The Chancellor has today published his Growth Plan 2022, which includes announcements on the role of science and technology in economic growth and investment in home-grown R&D.

Commenting on the Growth Plan 2022, CaSE Executive Director Professor Sarah Main said:

“Today, the Chancellor has recognised the important role the UK’s outstanding research and innovation sector plays in driving economic growth and meeting the critical challenges we face, such as energy security and net zero.

“I welcome the announcement of the £500m Long-Term Investment for Technology & Science (LIFTS) fund. This signals important progress from the Government’s ‘patient capital review’ in accelerating home-grown R&D start-ups by unlocking the potential of pension funds to invest in R&D. I look forward to seeing more detail on all of today’s plans and hope they will, as the Chancellor said; “..help unlock billions of pounds of investment into scaling up the UK’s science and technology firms”. Reaffirming commitment to long-term investment in R&D will assure businesses of the security of their own investment plans and, importantly, attract the investors and innovators we need to the UK.

“I urge the Chancellor to pursue the ambitious economic targets already set for R&D, alongside new initiatives. Now is the time to stay the course and reap the rewards of Government investment over the last five years. Backing a stable, upward trajectory for R&D investment will drive growth, improve lives and livelihoods, and help us meet the challenges we face as a country.”

Notes

CaSE supported the Government’s ‘Patient Capital Review’ in our 2019 report ‘Building on Scientific Strength’