Perhaps that's alright though, there are probably many in the party more comfortable talking about making our society fairer rather than talking about making us, collectively, richer. However, polling shows that for the average voter the state of the economy is a huge concern. Thanks to Julian Huppert's work last year developing our science policy, we have something that can rebalance the first half of that slogan. Julian called for "a 15-year annual increase in a ringfenced Science Budget, of 3% more than inflation." As research and development (R&D) spending as a proportion of GDP declined under the last tory government and stagnated under labour, this ambition is something we can really make our own.
Although innovation is claimed to have been ( responsible for two thirds of economic growth between 2000 and 2008, the UK is lagging behind in R&D spending. At 1.79% of GDP, R&D investment in the UK is at a level similar to that of the PIGS (Spain - 1.39%, Italy - 1.26%, Portugal - 1.59%) rather than the more dynamic economies of Germany (2.82%), Denmark (3.06%) and Sweden (3.42%), and generally not making much progress towards our target of 3% of GDP. The most recent ONS figures reported an increase in business R&D of 6% adjusted for inflation, excellent news as 60-65% of all R&D spending is private sector. In comparison, higher education R&D increased by 0.2% (adjusted for inflation). The government clearly needs to do more, not just to keep its end up, but to give confidence and attract further investment.
If my rough estimate is right, reaching the 3% of GDP target would cost around £6-7 billion, assuming the proportion of publicly funded R&D remains the same. Not a small amount of money, but then the benefits of a stronger, more innovative economy, less reliant on the city, are self-evident. With the right presentation, this might even prove quite popular. While we're waiting for the next manifesto, you can sign this excellent petition calling for an increase in Governmental spend on R&D to 0.8% GDP.
* Tad Jones is a Liberal Democrat member in Nottingham
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John Wheaver - Kettering and Wellingborough Comments:
The backgrounds of our leaders are not only remote from the real world in terms of wealth but also of wealth-creation. Engineering (of course using science) is responsible for virtually all economic growth, yet I would guess not only are there few Engineers in the House of Commons but that a minority even know what an Engineer does. "Designs, contrives,
invents" says the SOED. Just so. 'Engineer' means, rather immodestly, 'ingenious' even 'clever'!
