The British Academy responds to Fiscal Statement
17 Nov 2022
The British Academy has responded to this afternoon’s Fiscal Statement (November 17), welcoming the government’s recommitment to investing £20billion in research & development by 2024/25.
Hetan Shah, Chief Executive of the British Academy, said:
“Today’s fiscal statement arrives at a time of intense pressure on the public finances, so it is reassuring to see the government doubling down on its commitment to invest £20billion in research and development by 2024/25. We welcome this farsighted approach. Research and development is a key driver of long-term prosperity, health and security.
“We are keen to hear more about the government’s new vision for Investment Zones and we welcome the commitment to leveraging our research strength in our universities. There is enormous potential to be found in collaborations between businesses and universities, including in sectors – such as the creative industries and finance – which draw heavily on skills, research and development in the Social Sciences, Humanities and the Arts (SHAPE). It will be vital to structure the zones in a way that does not merely displace economic activity but generates new wealth in a sustainable way.
“Finally, we echo the Chancellor’s emphasis on the value of people and skills. As our flagship Skills programme has shown, the challenges we face – energy, cost-of-living, climate change – can only be solved with a broad range of expertise. The need to invest in skills, talent and research across the disciplinary spectrum has never been more urgent, and we will continue to make this case to government.”