In a public note to policy-makers published today the Institute of Physics (IOP) asserts the value of physics-based business to the UK economy and stresses measures needed, such as an expanded R&D tax-credit scheme, to create a world-leading, high-tech economy.
Physics-dependent, high-technology manufacturing sectors – such as screens and displays, aerospace and transport – employ 1.3 million people in the UK and many commentators, including Lord Mandelson and his Conservative shadow Ken Clarke MP, have acknowledged that the success of these high-technology sectors is key to economic revival in the UK.
Indicators such as the high-technology businesses’ increasing share of the UK’s manufacturing base and the high level of gross value added by each worker show that politicians are not wrong to target the growth of these industries.
As the IOP note details, however, there are indications that the UK is not keeping up with its international competitors in the race to mass market with high-technology goods.
Alongside opinions from high-tech business leaders, the Institute has laid out six recommendations which it believes the UK needs to follow if physics-based businesses are to enjoy world-leading success on our shores.
These are:
an expanded R&D tax credit scheme to keep the UK ahead of European competitors;
enhanced support for collaboration and people-exchange between universities and industry;
roll-out of the Small Business Research Initiative across government to incentivise all departments to engage with small science-based businesses;
provision of long-term investment in start-ups through a large-scale, research focused venture capital fund;
improvements in national infrastructure for transport and electronic communications (broadband etc.) to facilitate the development of knowledge networks;
a more creative approach to public sector procurement, directing a fixed proportion of public expenditure to foster science-based businesses and support innovative solutions.
Professor Dame Jocelyn Bell Burnell, president of the Institute of Physics, said, “The recommendations we are making here would invigorate the UK’s high-technology manufacturing sectors, helping them to lead the UK in an economic revival.”
A plan to support high-tech business
In a public note to policy-makers published today the Institute of Physics (IOP) asserts the value of physics-based business to the UK economy and stresses measures needed, such as an expanded R&D tax-credit scheme, to create a world-leading, high-tech economy.
Physics-dependent, high-technology manufacturing sectors – such as screens and displays, aerospace and transport – employ 1.3 million people in the UK and many commentators, including Lord Mandelson and his Conservative shadow Ken Clarke MP, have acknowledged that the success of these high-technology sectors is key to economic revival in the UK.
Indicators such as the high-technology businesses’ increasing share of the UK’s manufacturing base and the high level of gross value added by each worker show that politicians are not wrong to target the growth of these industries.
As the IOP note details, however, there are indications that the UK is not keeping up with its international competitors in the race to mass market with high-technology goods.
Alongside opinions from high-tech business leaders, the Institute has laid out six recommendations which it believes the UK needs to follow if physics-based businesses are to enjoy world-leading success on our shores.
These are:
an expanded R&D tax credit scheme to keep the UK ahead of European competitors;
enhanced support for collaboration and people-exchange between universities and industry;
roll-out of the Small Business Research Initiative across government to incentivise all departments to engage with small science-based businesses;
provision of long-term investment in start-ups through a large-scale, research focused venture capital fund;
improvements in national infrastructure for transport and electronic communications (broadband etc.) to facilitate the development of knowledge networks;
a more creative approach to public sector procurement, directing a fixed proportion of public expenditure to foster science-based businesses and support innovative solutions.
Professor Dame Jocelyn Bell Burnell, president of the Institute of Physics, said, “The recommendations we are making here would invigorate the UK’s high-technology manufacturing sectors, helping them to lead the UK in an economic revival.”
To see the note in full, please go to http://www.iop.org/News/news_39088.html