As reported in previous articles, the UK Government continues to put innovation in strategically important technologies at the heart of its industrial strategy. The UK Government has committed to increasing R&D spending to £22 billion.
The Government's strategy continues to focus on crowding in private sector involvement, as seen recently in relation to life sciences spending and green energy projects. The Conservative Party is trying to align public interest in key areas (such as healthcare and the UK's leading genomics industry) with a pro-business agenda.
Entrepreneurs and growth investors may be particularly interested in business secretary Kwasi Kwarteng's promise for a greater use of 'sandboxes'. This follows a recommendation by the independent Taskforce on Innovation, Growth and Regulatory Reform to allow products to be tested in the real-world by lifting certain regulations, while still under the supervision of regulators. Investors in the UK will also be interested to read that the Government has promised to introduce visa routes for highly skilled talent in innovative industries.
It remains to be seen whether this proposal, accompanied by a renewed focus on universities, will offset the losses that some commentators attribute to Brexit. That said, the UK Government is at least trying to position itself as supporting high quality innovation that generates economic growth while addressing key problems.
Today’s Innovation Strategy is the government’s long-term vision to put innovation at the heart of building back better, as a key pillar in our Plan for Growth. It aims to boost private sector investment in R&D across the whole of the UK, and create the right conditions for all businesses to innovate so they have the confidence to do so.