By Lord Paul Drayson,
Minister of State for Science and Innovation
A great deal has happened since we published the 2007 R&D Scoreboard a year ago. We are now in the midst of a global economic downturn, whose speed and ferocity has taken many by surprise.
The Government is doing all it can to help business through these difficult times. We have responded quickly to short-term challenges without losing sight of long-term goals. That has meant measures to ease cash flow and finance problems for UK firms at the same time as we build on our record investment in science and research.
This country’s success ultimately depends on a strong skills base and dynamic R&D both driving an innovative and competitive economy. The Department for Innovation, Universities and Skills is responsible for boosting our
national capability in these areas, and the Scorecard is an important tool for tracking progress on R&D investment – not just in high-value products and services but in operational effectiveness.
The latest Scoreboard shows that many UK companies already compete with the world’s best through that combination of a highly-skilled workforce and the profitable exploitation of R&D. Some figures in this report do reflect a more favourable situation than now applies; companies, especially in financial services, will have cut back on R&D.
However, for the whole period under review, we’ve seen a six per cent increase in R&D investment by UK firms.
This is not the time to back away from such investment. We must be ready to seize those global opportunities that will inevitably arise.
The Government will continue to play its part by stimulating R&D investment. The recent changes to the Research and Development Tax Credit, for example, will bring additional benefits to small, medium and large companies alike.
As Minister for Science and Innovation, I am determined to work with business to find further ways in which we can get through the downturn and emerge stronger.
