Theresa May has announced a £2bn per year funding injection for science and research by 2020.
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The prime minister laid out her vision for business at this year’s CBI annual conference. This included a “once-in-a-generation chance to shape a new future” and the promise that this was all about the “government stepping up, not stepping back”.
British business featured in Ms May’s plans. She is aiming to make the UK a go-to place for innovation, science and those looking to invest in technology. A commitment to invest an additional extra £2bn a year in R&D by 2020 and the promise to create an Industrial Strategy Challenge fund to back scientific R&D were among the highlights of the prime minister’s speech. She also pledged to review the tax regime in order to make the UK a more attractive investment proposition.
Professor sir Robert Lechler PMedSci, president of the Academy of Medical Sciences commented: "With UK medical research at a crossroads, this is a moment for ambitious decisions which place our strengths in research at the heart of the nation’s future.
"The prime minister’s decision to seize this opportunity with £2bn of extra annual investment in research and development by 2020 is a bold and clear signal that Great Britain means great science.
"It’s not yet clear how this new resource will be allocated – we would like to see a balanced approach to supporting science from the discovery science done in our world-leading laboratories through to the translation of this into benefits for society.
"The new Industrial Strategy Challenge Fund will be a chance to spot, and support, emerging technologies from across medical research – delivering benefits to patients and the economy. This long-term investment will help us attract bright minds from across the UK and the world, building the UK’s reputation as a champion for discovery and innovation.
"We look forward to further details following the Autumn Statement, and the academy stands ready to help inform the efficient and productive deployment of this new resource."