Why it matters
Innovation and technology are powerful engines of prosperity, inclusion and resilience that will drive radical benefits across society – like supporting the race to net-zero, and fostering healthier lives and higher value jobs. From the transformative effects of AI through to the export opportunities from fintech, innovation is a cornerstone of a powerful 2030 economy.
THE SIZE OF THE PRIZE
What can business and society gain from a more innovative UK?
Strengthen partnerships between large corporates and scale-ups
By developing a new programme for innovation, we can enable and strengthen partnerships among businesses of all sizes
Get consumers on board and better connected
By working with the CBI and our partners at DCMS, FSB and Which?, firms can help consumers and businesses alike see the benefits of better digital connectivity
See greater uptake of innovation and tech
The new Help to Grow scheme, and the sharing of best practice, will boost the uptake of innovation and technology across the whole UK
How do we do this?
Turn up the dial on R&D
Match OECD levels of investment, so that we lead the world in the quality of research.
Make the UK a world-leading data economy
Build on the National Data Strategy and develop strengths in AI, regulation and digital connectivity.
Increase digital adoption among SMEs
Strive to boost digital intensity and digital adoption across all businesses, but with particular focus on small and medium sized firms.
Scale-up founder-led tech and digital companies
And step-up export growth in areas where the UK has a real competitive advantage, such as fintech and genomics.
What the government needs to do
Deliver record levels of long-term investment for innovation
Announce this as part of the Innovation Strategy to be published this summer and then, in this year’s Spending Review, set out the spending profile on R&D to reach £22bn by 2024-25.
Develop the new ARIA agency as a model for high-risk high-reward innovation
Based on a principle of partnership with the private sector.
Commit to 100% gigabit-capable broadband coverage across the UK
And deliver the legislative change needed to do this in 2021.