Government’s innovations strategy launched

Business Secretary Kwasi Kwarteng has launched the Government’s new Innovation Strategy.

The strategy is the government’s “long-term vision” to put innovation at the heart of the building back better agenda.

There will be “innovation missions” to set clear direction, which will be determined by the new National Science and Technology Council and supported by the Office for Science and Technology Strategy.

Mr Kwarteng said:

“The countries that secure leadership in transformational change technologies will lead the world – it’s our job to ensure the UK keeps pace with the global innovation race.

“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.”

The strategy also outlines seven strategic technologies to prioritise, including clean technologies, robotics, genomics and AI, where the UK has globally competitive advantage and industrial strength.

Other measures include:

• Increase annual public investment on R&D to £22bn
• Consultation on how regulation can ensure the UK extracts the best value from innovation
• Introduce new High Potential Individual and Scale-up visa routes
• Undertake an independent review to assess landscape of UK organisations undertaking all forms of research, development and innovation
• Publish an action plan on “Standards for the Fourth Industrial Revolution”
• Invest £200m through the Life Sciences Investment Programme.

A detailed strategy for levelling up through research and innovation will be part of the forthcoming Levelling Up White Paper.