Dr John Lazar CBE FREng, President of the Royal Academy of Engineering, said:
“The Chancellor’s first budget was a difficult balancing act, and we are pleased to see a long-term commitment to research and innovation, which is proven to help business, productivity and growth.
We know the pressures on public finances that put government spending on research and development in the spotlight, and also that R&D spending is the catalyst for economic success.
We welcome the commitment to protect government investment in R&D, and the acknowledgement of the key role that the UK’s National Academies play in driving innovation in engineering, biotechnology and medical science.
It is now up to the Science, Engineering and Technology sector to work with the government to deliver the innovation and growth needed to unlock investment and create jobs.
With sustained investment in innovation and entrepreneurship, the UK is well placed to leverage its impressive engineering and technology strengths to sustain business confidence, catalyse investment and power growth, and ultimately improve our public services and productivity.
The economy can only grow if the infrastructure that underpins it keeps pace with its needs – we welcome the £100bn additional investment over the next five years to fund public infrastructure, and the boost this will give to UK capabilities and regional development.”
