ARC joins sector calls for the Government to protect R&D funds in the autumn budget
The Campaign for Science and Engineering (CaSE) and 40 leading organisations in the R&D sector including ARC, have written to the Chancellor urging the Government to back R&D if it wants to achieve its ambitions for economic and social growth.
As the Budget approaches, the organisations have urged Rachel Reeves to consider the vital role R&D will play in the Government’s long-term plans to grow the economy, increasing jobs and productivity.
Recognising that public spending is under pressure, there is a risk that short-term thinking now could damage the UK’s capacity for long-term growth and ambitions around its Industrial Strategy.
Alicia Greated, Executive Director of CaSE, said: “It’s clear that the Government has ambitious plans for the economy through its missions and Industrial Strategy, and R&D stands ready to play a big part in helping achieve those goals.
“We recognise that finances are stretched, and the Government must make some difficult decisions around where money is spent. However, we are extremely concerned by the prospect of DSIT needing to absorb additional costs relating to Horizon Europe association, without additional money.
To cover these costs would require deep cuts elsewhere in the R&D sector. This would lead to the loss of jobs, expertise, and momentum right when the sector is needed to make a vital contribution to boosting economic growth and productivity.”
Dr Tim Bradshaw, CEO of the Russell Group said: “The upcoming Budget comes at a crucial time as the government seeks to lay the groundwork for robust economic growth. Our sector has consistently proved how research and innovation delivers high rates of return, economically and socially, contributing to job creation, regional investment and breakthroughs that improve public services.
“We know the tough fiscal environment we’re operating in. But to achieve long-term growth – and build confidence in the UK as an attractive investment prospect – we urgently need stable policies and sustained R&D investment. Otherwise, we risk cutting off the research and innovation pipeline that contributes so much to the economy, services and citizens across the UK.”