Sign University Alliance's letter to the Chancellor to protect R&D funding (sign at bottom)
Dear Chancellor,
You are more aware than anyone of the economic challenges that lie ahead for our country. We know that difficult decisions will need to be made to protect our economy.
But avoiding disaster today is not enough, we must seek to thrive tomorrow and into the future. As business leaders, universities, and scientists, we urge you to protect Research and Development (R&D) funding now to help grow the UK economy and support the commitment to achieve net zero by 2050. We ask that you recommit to investing £20 billion every year in Research and Development by 2024 – 2025.
The 2021 Spending Review recognised that "investment in R&D and innovation will help drive economic growth and create the jobs of the future". Productivity is the key source of economic growth and competitiveness. Between 2000-2008, innovation accounted for 63% of labour productivity growth. According to the CBI’s ‘Invest for Growth’ campaign, productive, innovative businesses increase their competitive advantage, are more likely to export goods and services, and are more likely to do so successfully.
The jobs of the future will include those generated by the UK green industrial revolution, as we seek to lead the world in achieving net zero. Innovation funding is already being used to establish new green hubs across the country, from Teesside to South Wales.
During these difficult economic times, businesses will need to reduce costs, but new and efficient products and ways of working can shield them from decline. Universities partner with businesses on a range of innovation activity, including helping SMEs survive and thrive in competitive markets through ‘new to firm’ innovation. For example, an award-winning partnership between a university and a law firm used artificial intelligence to develop a novel triage style system to improve the company's family law provision.
Public funding for R&D delivers exceptional value for money. In England, the Higher Education Innovation Fund (HEIF) generates £8.30 for every £1 of funding. As part of UKRI, the programmes delivered by Innovate UK create £7 of economic benefit for every £1 of public investment, crowding in private spending. £1 of public R&D eventually stimulates between £1.96 and £2.34 of private R&D.
There is world-leading research and impact happening in every type of university and every UK nation and English region. We are optimistic about our country’s ability to generate and apply the new ideas we need to deliver a thriving green economy. We ask you to put your faith in the ingenuity and invention of our people, institutions and communities and invest in innovation for growth.
Yours sincerely,
University Alliance