The UK has a rich heritage in scientific discovery and innovation, and can rightly claim to be a leader in science-based industry. However, it seems that the UK falls short of its potential and risks falling behind other nations, with the likely result being companies investing overseas, and start-ups seeking to scale elsewhere. This analysis, commissioned by SCI and conducted by L.E.K. Consulting, concludes that a carefully crafted industrial strategy, focused on exploiting the UK’s strengths in science and innovation, could potentially boost the economy to the tune of £230 billion by 2030. Research suggests that it would require a comprehensive plan of increased R&D spending, a restructuring of the tax system, and flexible immigration policies to bridge the reported skill gaps. Such a plan has the potential to create approximately 240,000 high value jobs across sectors including life sciences and clean tech. But to achieve these results, it is thought that the Government would need to coalesce around a long-term, focused and ambitious strategy for science and innovation, working with industry and academia.
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