in Aerospace / Defence / Security / Space / Events

PM announces major research boost

Posted 22 November 2016 · Add Comment

UK Prime Minister Theresa May has outlined the first steps in a modern, ambitious Industrial Strategy which will build on the UK's strengths.


Courtesy UK Government


In her first speech to the CBI Annual Conference yesterday, Prime Minister Theresa May outlined the first steps in a modern, ambitious Industrial Strategy which will build on the country’s strengths and address the long-term structural challenges which can hold British businesses back.

The Prime Minister used her speech to business leaders yesterday to outline how her government will step up to the task and get the economy firing on all cylinders by announcing plans to secure the UK’s long-term commitment to research and innovation, including:

    substantial real terms increases in government investment worth £2 billion per year by 2020 for research and development, to ensure British business remains at the cutting edge of scientific and technological discovery
    a new Industrial Strategy Challenge Fund to back priority technologies – such as robotics and biotechnology – where the UK has the potential to turn strengths in research into a global industrial and commercial lead
    a review of current R&D tax incentives to ensure the global competitiveness of the UK as a home for scientists, innovators and tech investors

The Prime Minister built on her message to the Lord Mayor’s Banquet at Guildhall last week, by arguing that government and business must work together to ensure growth and opportunity is shared in a country that works for everyone, not just the privileged few.

Prime Minister Theresa May said: "Our modern Industrial Strategy will be ambitious for business and ambitious for Britain.

"It is a new way of thinking for government – a new approach. It is about government stepping up, not stepping back, building on our strengths, and helping Britain overcome the long-standing challenges in our economy that have held us back for too long.

"It is about making the most of the historic opportunity we now have to signal an important, determined change."

Heralding a new, modern Industrial Strategy which this government will deliver hand-in-hand with business, the Prime Minister told business leaders at the CBI conference: "It is not about propping up failing industries or picking winners but creating the conditions where winners can emerge and grow.

"It is about backing those winners all the way, to encourage them to invest in the long-term future of Britain. And about delivering jobs and economic growth to every community and corner of the country. That is the ambition – and we need your help to put it into practice."

In her speech at the Lord Mayor’s Banquet last week, the Prime Minister said that the supporters of business must recognise when change is necessary. Today she reiterated the need to improve the reputation of business, which has been damaged by a small minority, by asking British businesses to demonstrate leadership in restoring this reputation and the trust of the public.

Looking ahead to the government’s upcoming Green Paper on Corporate Governance, the Prime Minister said: "This will be a genuine consultation – we want to work with the grain of business and to draw from what works. But it will also be a consultation that will deliver results.

The new Industrial Strategy Challenge Fund, overseen by UK Research and Innovation, will back projects covering a number of priority technologies and help Britain build on existing strengths in research and development.

Despite its strengths in science, Britain has until now been relatively weak on commercialisation, meaning that all too often ideas developed in this country end up being commercialised elsewhere.

Government will consult on how the fund can best support emerging fields such as robotics and artificial intelligence, industrial biotechnology and medical technology, satellites, advanced materials manufacturing and other areas where the UK has a proven scientific strength and there is a significant economic opportunity for commercialisation.

To realise the full economic potential of these new technologies, the Prime Minister will also announce a review of the support for organisations undertaking research through the tax system, looking at the global competitiveness of the UK offer.

The government’s business and tax reforms since 2010 have delivered one of the most competitive corporate tax regimes in the world by cutting corporation tax and increasing R&D tax credits – from £1 billion to almost £2.5 billion a year.

Research shows each £1 spent on R&D tax credits stimulates between £1.53 and £2.35 of additional investment in the UK.

The Prime Minister will announce that HM Treasury will look at whether we can make this support even more effective, to ensure the UK continues to actively encourage innovation.
 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Azores Airlines takes delivery of its first A321neo

Azores Airlines has taken delivery of its first Airbus A321neo aircraft, to become first Portuguese A320neo Family operator.

Serco signs Copernicus data access contract with ESA

Serco's business in Italy has been awarded a contract by the European Space Agency (ESA) to deliver a ground-breaking project to facilitate open and unlimited access to earth observation data and geospatial information collected as

All change at the top of Airbus

The Airbus Board of Directors has today announced executive changes as Tom Enders (59) has advised them he won't seek another term as CEO beyond his current mandate (which runs until the 2019 Annual Shareholders Meeting April 2019)and

ADS highlights industry need for transition agreement in early 2018

ADS said today that although confirmation that talks can start on transition and our future relationship with the EU is welcome progress, industry now needs to see urgent agreement reached on transition arrangements.

Astronaut Tim Peake opens UTC Portsmouth

Two years after blasting off to join the International Space Station, British astronaut Tim Peake formally opened the Roya Navy backed college which will produce the scientists and engineers of tomorrow.

CAA launching new airspace change process

In 2015 the CAA started reviewing its airspace change process and after nearly three years of detailed work and two public consultations, it is now launching its new process which will take effect from 2nd January 2018.

SMI NCWSK2011171217
See us at
Aviation Africa BT18418FIL18 BT111017220718SMI FAVSABT2411120418SMI NCWBT3110020218S&P BT281117080318