The Academy has responded to the announcements made by the Chancellor today in his Autumn Statement.
Professor Sir Jim McDonald FREng FRSE, President of the Royal Academy of Engineering, says:
“Engineering harnesses the power of science and technology to benefit people and the economy, generating the jobs of the future. I am pleased that the Chancellor has recognised this in his Autumn Statement, introducing measures to support research and innovation and to help grow more spinout companies based on the world-leading work being done in UK universities. Just nine universities have hosted more than half the UKs spinouts over the last decade, so it is vital that we streamline the process and help promising new companies to scale up and grow right across the UK.
“Investment and support are essential if the government is to realise its ambition of securing strategic advantage through emerging technologies, from AI, telecoms and semiconductors to engineering biology and quantum.
“However, our strategic advantage in research can only be translated into tangible economic benefits through real products and services and I commend the Chancellor’s support for advanced manufacturing, including the development of green industry, together with targeted regional investment.
“Engineering expertise is crucial to our nation in addressing the most pressing global challenges through rigorous engineering system thinking and fostering innovation. Training future engineers is therefore vital to the economy and I am delighted to see funding to help increase the number of engineering apprentices.
“Earlier this year the government set out an ambitious science and technology framework for the UK. We are seeing some progress on this agenda but it is a long-term and wide ranging endeavour that needs sustained effort and funding over the coming years.”
