The government must make it easier for businesses to invest in technology created in British universities if the United Kingdom is to fix its chronic under-investment in research and development, a group of MPs said last week, writes James Titcomb for The Telegraph.
The Science and Technology Committee said the UK lags other countries in commercialising university research due to a lack of private sector investment. While institutions such as Oxford, Cambridge and Imperial College London are seen as world-class science hubs, much of the work done there does not make it out of the lab, the committee says.
It said that recent government steps on an industrial strategy, including research and development funding announced in the recent Budget, were welcome after progress had “stalled” on improving the rate of “technology transfer” from universities to business. However, it said more had to be done to stimulate commercial demand. Businesses in the UK spend just 1.12% of gross domestic product on research and development, a third less than the OECD average.
Full report on The Telegraph site
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