IOM3 responds to UK Government Innovation Strategy
The UK Government has today (22 July) announced plans to boost private sector investment to put the UK at the forefront of global innovation.
Its new ‘Innovation Strategy’, launched by Business Secretary Kwasi Kwarteng, aims to boost investment in R&D across the whole of the UK. It builds on the existing commitments to increase annual public investment on R&D to £22 billion with a range of actions to promote private sector investment too, which it says will play a key role in tackling climate change and boosting productivity, levelling up opportunities across the UK and supporting businesses out of the pandemic.
The Strategy identifies areas where the UK has globally competitive R&D and industrial strength and that will transform our economy in the future. Of particular interest to IOM3 members are advanced materials and manufacturing, electronics, energy and environment technologies as well as robotics and smart machines. The Strategy also promises a new action plan on ‘Standards for the Fourth Industrial Revolution’ and a comprehensive Net Zero Strategy ahead of the Glasgow Climate Summit (COP26) this November, setting out the UK government’s vision for transitioning to a net zero economy.
IOM3 CEO Colin Church FIMMM CEnv, says, ‘It is good to see advanced materials and manufacturing receive due credit as one of seven strategic technologies. Given the scope for innovation in and with these technologies, especially in enabling the required transition to a low-carbon, resource-efficient society, I very much hope that the Government will swiftly work with IOM3 and other partners to develop and implement a National Materials Strategy to help make a reality of this renewed strategic focus.’
The Government has set out that it will work with universities and other research organisations, charities, Catapults, public sector research establishments and research and innovation institutes who will all play a key role in implementation of the Strategy.
In a statement, Business Secretary Kwasi Kwarteng says, ‘Through this long-term plan, we want to rekindle our country’s flame of innovation and discovery, helping businesses to seize the vast opportunities that innovation can bring. If we get this right, we can build the foundations for the new industries of tomorrow, and ensure British firms are at the front of the pack to turn world-leading science into new products and services that are successful in international markets.’
To read the full release, please see below.