Download SCI's manifesto
SCI unveiled its Manifesto for an Industrial Science & Innovation Strategy in August 2023.
Science and innovation are the bedrocks of British industry. From the first refracting telescope and the discovery of penicillin to creation of the world wide web and the first Covid vaccine, there is significant political understanding about the UK’s scientific excellence.
The UK retains its strong reputation as a global leader of science-based industry, particularly regarding its researchers and publications. Yet it is far from meeting its vast economic potential.
Lacking the commercial resources to grow our earlystage companies and attract the multinationals that can help us deliver growth at scale means revenue is leaking out of the UK. Our research and development spend lags behind our international rivals.
Huge investment decisions are being made in neighbouring states. These attract capital that would be better placed in the UK.
The UK cannot afford to stand still while other advanced nations implement huge industrial strategies to propel their economies and become world leaders in green tech.
By taking advantage of our expertise, the UK’s economy would be turbocharged. According to SCI®-commissioned analysis by LEK Consulting, this approach could create an additional £230 billion in GVA and 240,000 jobs by 2030 in the life sciences and clean tech sectors alone.
Job creation would take place in diverse locations, supporting the rebalancing of the economy from its dependence upon the south-east of England. Across the UK, citizens will take pride in the medicines, sustainable technologies and digital products made in their communities. Other industries would benefit from the growth of science industrialisation.
Industry needs every element of the business environment to be right. Product development is frequently a long-term process. To grow dynamic start-ups and make sure revenues stay in the UK once these ventures can produce at scale needs long-term investment.
A comprehensive National Industrial Strategy for the next UK government needs to have an industrial science and innovation strategy at its core. This strategy should be encapsulated in an Innovation Implementation Act that spans beyond five-year government terms, providing long-term confidence for investment.
These policies cannot be applied to only specific sectors, like tech. Science and innovation based business exists across energy, transport, food production and beyond.
Four new measures are vital for the commercialisation of new products and services in the UK. These are not a menu of options but a suite that must be adopted in full to see a product through its lifecycle – from concept to full production.
Government leaders need the direct advice of a single united body that represents all innovation and science-based business in the UK to drive growth.
A global competitive tax regime to attract large scale investments in research and manufacturing to the UK, along with large scale R&D centres and access to green and competitive energy.
Ensuring funding is available at all stages of the long scaling up process of a start-up from venture capital, pension fund and R&D funding.
Access to the UK and other countries for highly skilled UK and overseas industrial scientists and engineers working on global issues and projects.