Ten year R&D budgets will encourage business to invest, says NCUB

The National Centre for Universities and Business (NCUB) said the initiative would give confidence to firms to invest in programmes that aligned with the government’s selection criteria.

Four criteria will be used by public bodies to determine which applicants receive the lengthy investment.

These include: relevance to infrastructure and core UK capabilities; contribution to talent attraction and retention; potential for international collaboration opportunities with strategic benefit; and partnerships and business collaboration.

NCUB’s CEO Dr Joe Marshall, said the inclusion of partnerships and business collaboration among the criteria would encourage business confidence in investing.

“Today’s announcement of 10-year budgets sends a strong signal to business partners that the UK is committed to long-term innovation and progress,” he stated.

Marshall added it was important to prioritise investment that would stimulate growth and bolster the UK’s global presence.

NCUB economists had estimated that £1 of public investment in research and innovation unlocked between £3.09 and £4.02 in private investment over time, said Marshall, adding it was essential that government intentions were supported by sustained funding commitments. 

“As technologies that underpin our economy evolve at pace, it is vital that the UK leads this transformation rather than follows it. We have the foundations to do so—but leadership won’t happen without sustained support,” said Marshall.

For more information on the 10 year R&D funding, click here.