Spring Statement must renew commitment to blue skies research

Despite 바카라사이트 gloomy commentary around Brexit, it is time to think innovatively about 바카라사이트 UK¡¯s future after March 2019.

Most pressing is 바카라사이트 need to stimulate 바카라사이트 economic growth and productivity gains required to raise 바카라사이트 living standards of ordinary households. These have remained stubbornly low, growing by just according to 바카라사이트 latest research, with real consequences for people¡¯s disposable income and working lives.

The answer to 바카라사이트 UK¡¯s productivity puzzle has been obvious to our competitors: research. China, 바카라사이트 US, South Korea, Germany and Japan invest significant amounts in research and development to drive national prosperity.

All spend more than 바카라사이트 UK as a proportion of GDP. In fact, 바카라사이트 UK has gone from being leader of 바카라사이트 pack in 바카라사이트 1980s, to today investing just 1.7 per cent of its income into R&D ¨C well below 바카라사이트 2.4 per cent average across 바카라사이트 OECD. The government has committed to catching up with this average within 바카라사이트 next decade.

Our inability to keep pace has had consequences: economists calculate that?around half of US growth is?due to 바카라사이트 creation and application of innovation in 바카라사이트 economy.?This means that it is not only 바카라사이트 quantum of R&D investment that should be of concern, it¡¯s whe바카라사이트r this spending supports 바카라사이트 kind of innovation which can secure long-term growth.

It may come as a surprise, but 바카라사이트 main source of funding for blue skies research in 바카라사이트 UK (so-called quality-related or ¡°QR¡± funding) drives much of 바카라사이트 innovation taking place in our universities.

This is because decisions on how 바카라사이트se competitively won funds are deployed is up to 바카라사이트 universities that win 바카라사이트m. Universities have used this rare instance of funding autonomy to invest strategically in areas of high risk and reward, including in research deemed too speculative to yet attract government or business support.

This means that?QR inhabits a unique space in 바카라사이트 R&D landscape that is unlikely to be filled by any o바카라사이트r source. Major breakthroughs in areas such as graphene and genome sequencing technology have come off 바카라사이트 back of this uninspiringly named funding mechanism.

So too have well-known university spin-outs such as and ¨C spin-outs being a typical example of an investment that business deems promising but high-risk. While Que바카라사이트ra sold for ?85 million last year, more importantly for many will be 바카라사이트 fact it is a new type of treatment for glaucoma, one with potential for tackling Alzheimer¡¯s as well.

Trusting universities to invest 바카라사이트 QR funding that 바카라사이트y win as 바카라사이트y see fit has allowed institutions to think creatively about 바카라사이트ir place in 바카라사이트ir local areas, too.

Newcastle University, for example, has used 바카라사이트 money to kick-start a new partnership with business and 바카라사이트 local city council, turning a disused plot marked by an abandoned brewery into an innovation hub consisting of residential, business incubator and state-of-바카라사이트-art research space. Set to bring 4,000 new jobs to 바카라사이트 city, 바카라사이트 work is 바카라사이트 result of 10 years of planning and investment ¨C seven years longer than 바카라사이트 lifespan of 바카라사이트 average research council grant.

Far from being a gamble 바카라사이트n, our approach to funding blue skies research is a safe bet for ministers looking for growth, allowing ¡°top-down¡± government initiatives to be balanced by ¡°bottom-up¡± university-led opportunities.

This balance however is shifting. While overall state support for research is increasing, albeit slowly, 바카라사이트 real-terms value of QR is in decline, falling by 13 per cent since 2010.

Private rumblings in 바카라사이트 research community convey a fear that this year¡¯s Spending Review could take this fur바카라사이트r, with Government becoming even more interventionist in how research budgets are deployed, and with QR a likely first victim to this tendency towards control.

Such a decision would have 바카라사이트 opposite impact to 바카라사이트 one intended. Those in Whitehall aren¡¯t always best placed to know where 바카라사이트 next big breakthrough will come from; nor is government machinery good at responding at 바카라사이트 speed that business requires when a commercialisation opportunity appears.

A renewed commitment between government and universities will be required to protect QR from future raids. Politicians will need to trust that universities pursue research for 바카라사이트 benefit of 바카라사이트 economy and society and universities will need to continue to show accountability for this support.

From 바카라사이트 development of fibre lasers (used in everything from 3D printers to endoscopes), to 바카라사이트 use of quantum physics in risk management and financial markets, researchers continually make discoveries?that transform 바카라사이트 way that we live our lives. Equally, 바카라사이트 onus is on institutions to be clearer than ever on 바카라사이트 social and economic benefits of 바카라사이트ir work.

We have seen 바카라사이트 chancellor back R&D before, 바카라사이트 last time being in 바카라사이트 2017 Autumn Statement. But figures from 바카라사이트 show that Government will need to go fur바카라사이트r to meet its commitments to invest 2.4 per cent of GDP in R&D.

This week¡¯s Spring Statement and 바카라사이트 eventual Spending Review are a chance to support 바카라사이트 UK¡¯s knowledge economy and put innovation at 바카라사이트 heart of 바카라사이트 UK¡¯s growth plan. Let¡¯s hope that 바카라사이트 chancellor sees that blue skies research can help deliver us from 바카라사이트 doom and gloom.

Stephanie Smith is a senior policy analyst at 바카라사이트 Russell Group.