In an unprecedented joint statement, a coalition representing some of the UK’s leading businesses, minds, universities and charities is calling on the next Prime Minister to put research and innovation at the heart of their plan for UK prosperity, post-Brexit.
The group is urging the next Conservative leader to deliver a concrete and overdue vision for UK R&D which builds upon existing pledges, to boost jobs and deliver vital medical, technological and social breakthroughs.
Despite having made a firm commitment to spend 2.4% of national wealth on R&D by 2027, the Government is not on track to meet its target and the UK already trails behind its international competitors, undermining efforts to develop new cancer treatments, tackle climate change and support the knowledge-intensive industries of the future.
It will be up to the next Prime Minister to bring these commitments back on track and prove they are a leader of action over words.
Professor Sir Robert Lechler PMedSci, President of the Academy of Medical Sciences, said:
“Investing in biomedical research is critical for developing treatments and improving care for patients. It also provides a much-needed economic boost to the country. We should remember that every £1 invested in medical research delivers an annual return of around 25p per pound in perpetuity.
“In 2017, the Government took the welcome step of setting a target to increase investment in research to 2.4% of GDP with a long term goal of 3%. This was an important moment in addressing the fact that recently we have consistently invested less in research than other superpowers around the globe.
“Now is the time for our future Prime Minister to provide the investment that will turn these commitments into a reality.
“The case for investing in research is clear and the next Prime Minister must act to lay the foundations for a healthier, wealthier future.”
Joint statement in full
The next leader of the Conservative Party should commit to ensuring the UK remains a world leader in research and innovation.
We ask the Conservative leadership contenders to pledge their support for the R&D commitments necessary to ensure the UK remains globally competitive, delivering a strong and prosperous future for our economy and society post-Brexit.
The evidence is clear: investment in R&D drives productivity and raises living standards, benefitting people and communities across the whole of the UK. From the great challenges of our time, including cancer, climate change, food security and caring for an ageing society, to the creation of high-skilled jobs, new businesses, and the innovations that power our NHS – UK research and innovation has real-life impact.
It is vital that the next government sends a clear message to domestic and international investors that the UK is open for business and ready to embrace the opportunities of a changing world. Globally, our competitors such as Germany, Israel, South Korea and Japan already invest more than 3% of their GDP in R&D.
The next Prime Minister must set out a long-term plan for research and innovation investment up to 2030. This should build on the Government target to boost overall R&D investment initially to 2.4% of GDP by 2027 – and the longer-term aim of 3% of GDP. But words and targets will not be enough, the UK needs a coherent long-term plan to build our position as the global hub for new world-leading technologies, to draw on our strengths across multiple disciplines, to attract talent from around the world and to promote British entrepreneurship.
Action is overdue. The next leader of the Conservative Party will have the opportunity to be the Prime Minister who builds a bold vision for UK R&D, putting us on a solid path to delivering it.
The statement has been signed by the Academy of Medical Sciences, the Association of Medical Research Charities, the British Academy, the Campaign for Science and Engineering, Cancer Research UK, the Confederation for British Industry, the Institute of Physics, the Royal Society, the Royal Academy of Engineering, the Russell Group and Universities UK.
To find out more about the Academy's work in investing in UK R&D visit this page