Bruntwood CEO and Bruntwood SciTech Exec Chair Reaction to the Spring Statement: March 2022
“We recognise the ongoing difficulties that formed the backdrop to the Chancellor’s Spring Statement today, and believe that the continued investment in our science and technology base will set the stall for a stronger, more prosperous economy that we need to see in the UK going forward. We will continue working with our partners to ensure we capitalise on this for the benefit of the towns and cities that we operate in and the UK economy as a whole.
“We welcome the Chancellor’s focus on People, Capital and Ideas, with the skills shortage in the UK impacting the possible growth within the science and technology sector. With adult technical skills a third lower than the OECD average, this commitment to incentivise businesses to increase their spend on R&D can help to plug this gap.
“This aligns with the government’s intention to encourage the private sector to trade, invest and innovate more. The UK’s R&D investment has lagged the OECD average for many years; however, the recent announcement of the biggest ever R&D budget marks a welcome step toward hitting the goal of 2.4% of GDP by 2027. Though this would still be some way behind the US, Germany and Israel – among others – it is a huge leap on from where we are today.
“We’re really encouraged to see a commitment to ensure 55% of this will be directed to the regions outside of London and the South East. A more equitable regional distribution of public R&D spending is one of the surest ways to unlock the innovation, growth and complementary private investment that can truly help to Level Up the UK economy.”
Chris Oglesby, Bruntwood CEO & Executive Chair Bruntwood SciTech