The Government will invest £1 billion over the next three years to boost business innovation and technology development.
The announcement came following a round table discussion in 10 Downing Street this morning. Chairing the discussion, the Prime Minister said that the UK “must be a global leader in science and innovation”.
Read the transcript for the film below:
Lord Sainsbury of Turville:
When the prime minister asked me to do this report, he said he’d like us to look at the government’s science and innovation policies in the context of how do we compete against countries like China and India which have 5% of our wages? And we’ve done that, and what we’re basically saying in the report is British companies can’t compete on the basis of costs. We’ve got to compete on the basis of innovation and science.
Gordon Brown:
The future of our science and the future of our technology and innovation is absolutely critical to the future not just of our economy but to how Britain performs as a society, our quality of life and how British people see themselves in the world. And Lord Sainsbury kindly agreed to undertake this in-depth review of the government’s science and innovation policies. I believe that all of you, in one way or another, have been involved, and I’m very grateful to you for being part of the consultation exercise that has brought about this review. But more than that, I’m very grateful to all of you for the contribution you make to British science and innovation.
Ian Pearson:
The Sainsbury Review of Science and Innovation is a major landmark. It’s a blueprint for what we need to do to make sure that we have a competitive, 21st-century economy. We’re going to see investments of £4 billion into science over the next three years. £1 billion of it is going to go directly into a technology strategy board and companies are going to tell us what their priorities are for research. We want to see new products made in the UK. We want to see our science base from our world-class universities being translated into new jobs, profits for companies and inventions that are going to help benefit humankind, and that’s what the Sainsbury Review will help us to achieve.
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