UK Business Secretary, Gregg Clark stated at the 2018 International Business Festival that there will be a £1.3 billion boost in UK Talent & Skills in order to attract more world-class talent in Science & Business Innovation.
Similarly to the R&D Initiative, this is an investment that has been put in place to look towards a boosted economy. The new investment is set to fund 550 new fellowships, with £900M going toward UK Research & Innovation future leaders fellowship scheme.
An article from Gov.uk states: “Previous investment in new talent has funded research into new cancer drugs and developed critical technology which will bring us driverless cars. Today’s announcement will build on this success and boost the pipeline of talent needed to build a Britain fit for the future. The money, part of the single biggest investment in science in 40 years, will help ensure the UK invests 2.4% of GDP in R&D by 2027 and becomes the most innovative economy by 2030.”
The £1.3 Billion of investment for British businesses and universities in order to develop the next generation of innovators, entrepreneurs and scientific leaders, setting an example to existing companies across every industry that innovation is the key to our country’s success.
Why We Should Prioritise Business Innovation:
In the last few years especially, it has become abundantly clear that the answer to avoiding an economic crisis is to encourage more business innovation. Through initiatives such as R&D Tax, the government is giving back to businesses that are moving forward in their industries.
Following a frightening forecast for 2018, with the lowest growth since 2009, this investment is in place to help ensure economic prosperity for future generations.
Business Secretary, Greg Clark:
“We are a nation of innovators, with some of the world’s greatest inventions created on British soil – from penicillin to the first computer programme. We want to retain our global reputation as a destination for world-class scientists and researchers, by providing opportunities to find and nurture the next Ada Lovelaces and Isaac Newtons.”
“International collaboration has been key to many of the most significant discoveries and breakthroughs and I want the UK to remain the go-to destination for the best scientists and innovators. We are investing in the rising stars of research and innovation to ensure the UK is where the products and technologies of tomorrow are developed.”
Chief Executive of UK Research and Innovation Professor Sir Mark Walport said:
“Talented people are the energy and engine of new knowledge, new ideas and new opportunities. The long-term investment announced today means the UK will continue to attract and grow the very best, supporting those who want to solve the most difficult questions whether they are in frontier science, our evolving society or our changing economy.”
Venki Ramakrishnan, President of the Royal Society said:
“We are delighted by this crucial investment in science researchers from the UK government. This money will be used to support scientists during crucial stages of their careers, whether they have been identified as future leaders in their fields and are just starting an independent research career, or are well-established, world-leading talent that we want to retain in the UK. This investment in scientists at both stages of their careers is crucial to the continued success of UK science.”
Professor David Cannadine, President of the British Academy, said:
“We are delighted to be able to expand opportunities for international collaboration and early-career research in the humanities and social sciences.”
“The challenges that we face as a nation and as an international community – from the march of automation to improving productivity – will require collaboration from the very best minds, working across disciplines.”
“It is timely, therefore, that the national academies are working together to further the UK’s reputation as a destination for world-leading research.
We also look forward to supporting further early-career researchers closer to home through the Postdoctoral Fellowship scheme, which is often a vital stepping stone to establishing a successful academic career.”
Professor Sir Robert Lechler PMedSci, President of the Academy of Medical Sciences said:
“The finest science requires the finest researchers. If we are going to solve the biggest health challenges and harness opportunities, we need to attract and nurture the most talented researchers within our network of trailblazing scientists in the UK.”
“Excitingly, this funding from The Talent Fund allows the Academy to develop a unique cross-sector leadership scheme that will support today’s biomedical and health researchers to become tomorrow’s leaders of innovation. It will support talented researchers in the middle of their careers to understand academe, pharmaceutical and biotech industries, the NHS and government and forge new collaborations across these traditional boundaries and enhance their dynamic leadership skills.”
“The funds will also support 60 Springboard grants for biomedical researchers at the start of their independent careers and eight Rising Stars Professorships, establishing the research careers of talented researchers.”
“Together these programmes will support researchers to ensure their talent is recognised, supported and nourished throughout their career. These researchers will help further high quality, innovative research to improve the health of our society.”
Dr Hayaatun Sillem, CEO Royal Academy of Engineering, said:
“Investment in engineering research and innovation is vital for the UK’s economic and social well-being. This funding will help the UK to continue to attract and retain the world-leading engineering talent needed to be at the forefront of developing and applying new technologies.”
“The government’s commitment to supporting highly skilled researchers and engineers is very welcome. Providing career-long support is essential if we are to establish the UK as the leading nation for engineering innovation.”
Have You Brought Innovation to Your Industry?
The HMRC initiative for Research and Development is another tool that is set in place to continue to nurture and grow our economy. HMRC understand that it’s hardworking, innovative businesses that make the world go round.
HMRC is looking to reward innovation of all sizes, with new grounds for eligibility having been released in recent years.
If you’d like to find out more about eligibility for R&D Tax credits, take our short eligibility quiz, click here.