How the UK Will “Rekindle the Flame of Innovation” Post Brexit
To ensure the UK keeps up with other countries in the global innovation race, Business Secretary Kwasi Kwarteng has launched a post-Brexit innovation strategy that he hopes will "rekindle the country’s flame of innovation and discovery”.
Keep reading to find out what this new strategy is, why we’re doing it and how to get involved in research, development and innovation yourself…
What is the new post-Brexit innovation strategy?
The government has launched a post-Brexit innovation strategy in which it outlines its commitment to increasing investment in R&D to £22bn each year. To hit this target, this new innovation strategy plans to:
Increase R&D in technology
A new “blue skies” scientific research establishment, called the Advanced Research and Invention Agency, has an £800m budget to spend, over four years, on advancing R&D and innovation in seven of our key strength areas including robotics, genomics and artificial intelligence.
Speed up scientific discovery
To speed up scientific innovation, the National Science and Technology Council are mirroring Europe and coordinating several ‘’innovation missions.” These innovation missions will encourage businesses and government authorities to focus on solving the key scientific issues that the UK is facing and also spur innovations in targeted policy areas.
Encourage regional innovation
To help regions coordinate and focus on R&D in their specific areas of strength, the Strength in Places Fund has £127 million to finance:
- The robotics and advanced machinery manufacturers in the North of England
- The ceramics industry and new, energy-efficient manufacturing processes in the Midlands
- Digital communications and advanced manufacturing in the dairy industry in Scotland and Cumbria
- UK broadcasters, small companies and freelancers so they can research and develop new products and services in Wales
- The development of new, nano-scale optical components for digital devices in Northern Ireland
Allow sandboxes and international experts
To allow international experts and highly skilled workers and entrepreneurs from abroad to work in the UK, the government plans to introduce “scale-up” visas.
And, to help new innovations reach the market quicker, they’re also planning to make more use of regulatory “sandboxes.” In these sandboxes, certain rules will be lifted so that new products can be tested in like-for-like conditions, under the supervision of watchdogs.
Why have we got this new innovation strategy?
Although COVID has devastated the UK’s economy, the success we’ve had with the development of the vaccine has shown us the true value of investing in science.
“Meaningful investment in both research and innovation will also help to transform local economies and support growth right across the UK,” Adrian Smith, Royal Society, Editor 99
The government wants to build on this momentum and make sure that British firms can use world-leading science and technology to develop innovative products and services that are successful in international markets.
With mounting pressure on public finances, the impact COVID has had on businesses, and the increase in global competition, the government needs to encourage UK businesses to invest in innovation. To do this, they need to offer them financial support to help manage the risks associated with R&D. This is what the new innovation strategy aims to do.
How to get involved in research, development and innovation
Alongside the new innovation strategy, the government is continuing to run the R&D tax credit incentive. Businesses can claim up to 33% of the costs associated with their R&D project. So, if you or any of your clients are working on a research, development or innovation project, speak to Myriad Associates to find out if it’s eligible for R&D tax credits.
What is Myriad Associates?
Myriad Associates are R&D tax credit specialists. Having been in the industry for over ten years and with a 100% success rate, the team of specialist R&D tax consultants know exactly how to get the maximum amount of R&D tax relief from HMRC.
Find out more by calling them on 0207 118 6045 or dropping them a message here.