26 Apr 2017
In January, the Department for Business, Energy and Industrial Strategy (BEIS) published a modern Industrial Strategy green paper. The green paper sets out the governments approach to improving living standards and economic growth, and some of the actions that have already been taken towards this goal.
In response to this call for evidence from BEIS, SCI presented a written submission, highlighting the following key points:
- SCI strongly supports the emerging Industrial Strategy, however there are several key underpinning factors to the growth of industry that must not be forgotten, including ensuring energy security and competitiveness, building efficient and innovative supply chains and recognising that the chemical industry is a key underpinning industry.
- While the UK is a world-leader in scientific research, it falls short in terms of commercialising innovation. Maximum value from science crystallises when science is turned into full scale manufacturing, providing skilled jobs and strong cashflows. The UK should focus on levers to support businesses (of all sizes) to establish R&D centres and increase manufacturing in the UK.
- The government should endeavour to meet the European Council target of spending 3% of GDP on research and development, and spend larger proportions of this funding on development and scale up. Consideration should be given to the different skills that are often required at this stage.
- As the Industrial Strategy develops metrics used to measure activity and performance should be developed. Productivity, on its own, will not drive an innovative and growing industry.
With the announcement of the General Election taking place on June 8, the timescale of the consultation has not been confirmed.
If you would like to read the full submission, please contact email@example.com