Universities and industry partners have sent an open letter to the Chancellor of the Exchequer, Jeremy Hunt MP, calling on the government to recommit to investing in Innovation for Growth. Coordinated and led by University Alliance, the open letter has been signed by business leaders from the likes of Siemens and Gatwick Airport, as well as Vice-Chancellors and academics across the Higher Education sector.
The letter calls on the government to recommit to investing £20 billion every year in Research and Development (R&D) by 2024–2025, outlining the vital role innovation plays in job creation, delivering on the UKs net zero ambitions as well as growing the economy.
According to the CBI’s ‘Invest for Growth’ campaign, productive, innovative businesses increase their competitive advantage and are more likely to successfully export goods and services. Between 2000-2008, innovation accounted for 63% of labour productivity growth.
Joanna Havers, Associate Director (Knowledge Exchange) said: “We have a long history of working with businesses on a diverse range of innovation activity, and see first-hand the impact collaboration, innovation and partnership can have, from impactful community partnership, helping SMEs survive and thrive in competitive markets through to advancing innovations in large organisations. We’re very grateful to our business and organisational partners that have supported this campaign.”
Read our letter to the Chancellor and add your signature.