Feeds

UK must invest in science and engineering

You gotta speculate to accumulate, say SET gurus

  • alert
  • submit to reddit

High performance access to file storage

The UK must invest public money in exploiting science and engineering research if it is to remain competitive in a global economy, according to a study to be published this evening by the Engineering and Technology Board (ETB).

In the draft report, The Frontiers of Innovation: Wealth Creation from Science, the organisation sets out its recommendations for boosting the commercial exploitation of publicly-funded research.

Sir Alec Broers, President of the Royal Academy of Engineering, said that the UK faced increased global competition, particularly from China, which has over 600,000 SET graduates every year.

"University spin-outs were unknown [in China] 'til the mid-1990s and already they are making over $6bn a year from such new companies,” he said. “For the health of the UK economy we must give every support to the creative engineers who turn advances in science into products and capabilities that benefit society."

Proposals include new tax breaks in the form of venture capital trusts for those investing in early-stage research; improved funding to help commercialisation; and better co-ordination of SET spend across government departments.

The Science, Engineering and Technology (SET) sector is a catalyst for economic growth in the UK, argues ETB chairman, Sir Peter Williams. He wants government help, in terms of policy framework and funding, to make sure this continues, and improves.

SET “punches well above its weight in wealth creation”, Sir Peter went on. He cited a report from London Economics, which found that the construction, utilities, manufacturing and extraction sectors - the four biggest employers of SET professionals – directly created more than 27 per cent of the UK’s GDP value added in 2002.

Frontiers of Innovation will be debated at the Royal Society this evening before being finalised. It will then feed into the Treasury’s review of public spending on science. ®

High performance access to file storage

More from The Register

next story
IBM Hursley Park: Where Big Blue buries the past, polishes family jewels
How the internet of things has deep roots in the English countryside
Video games make you NASTY AND VIOLENT
Especially if you are bad at them and keep losing
Russian deputy PM: 'We are coming to the Moon FOREVER'
Plans to annex Earth's satellite with permanent base by 2030
Solar-powered aircraft unveiled for round-the-world flight
It's going to be a slow and sleepy flight for the pilots
LOHAN's Punch and Judy show relaunches Thursday
Weather looking good for second pop at test flights
Honeybee boffin STINGS OWN WEDDING TACKLE... for SCIENCE
Not the worst place to be stung, says one man
India's GPS alternative launches second satellite
Closed satnav system due to have all seven birds aloft by 2016
Curiosity finds not-very-Australian-shaped rock on Mars
File under 'messianic pastries' and move on, people
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.