Innovation Deals

Dr Peter O’Brien, Executive Director

Tom Forth and Richard Jones’ recent report, ‘The Missing £4 Billion’, published by the innovation specialists, Nesta, presents in-depth analysis and a series of thought-provoking, yet practical, proposals on how to rebalance the current uneven geography of research and development (R&D) spending within the UK. The report is timely and has gained much attention, not least for the case the authors make for government to devolve 25 per cent of the planned uplift in R&D funding to nations, cities and regions. A stark statistic contained in the report is that large parts of the UK, including Yorkshire, are missing out on £4 billion a year in public R&D funding.  Add to that private investment, and the same regions are unable to access a further £8 billion per annum. Not insignificant sums when you consider the total investment that is needed to ‘level up’ the nations and regions.

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