Increasing UK prosperity through R&D investment
Summary of contents
The UK government must plan for and deliver on its commitment to boost UK R&D from 1.7% to 2.4% of GDP by 2027 to drive national prosperity, regain the UK's position as an innovation leader, and catch up with economic competitors.
Our statement emphasises the need for a transparent, long-term public sector investment plan to 2027 and beyond, which would provide stability and attract talent and R&D investment to the UK. It also calls for the creation of a 'digital shop window' to guide domestic and international researchers, innovators, and investors to the UK's research and innovation offerings. It highlights the importance of safeguarding the UK's diverse R&D funding landscape, reversing the long-term erosion of core research budgets, and ensuring the balance of investment recognises the importance of curiosity-driven, discovery research.
Additionally, our statement stresses the need for a skilled workforce to support future economic growth and attract R&D investment. It calls for improvements in the recruitment and retention of chemistry teachers, more high-quality apprenticeships, support for technical skills, and sustainable long-term funding for further education.