The Science Minister set out his vision on how the government can boost growth in science-based industries in a speech to the Institute for Government. He focused on four key areas:
- Scale-up challenges: While the UK has improved at supporting start-ups, there is a need to focus more on scale-ups. He emphasized the importance of pension funds in releasing private capital for this stage and the need to improve procurement and domestic skills.
- International talent: Lord Vallance stressed the ongoing necessity of attracting and retaining international talent, pointing out that immigration has always been crucial for UK science and should continue to be encouraged.
- Research priorities: He outlined three key areas for research: curiosity-driven basic research (which is long-term and does not deliver immediate returns), research focused on direct outcomes, and ensuring that the funding system supports company formation and scale-up.
- Infrastructure development: He mentioned the Oxford-Cambridge growth corridor as an example of a project that has been talked about for decades but not completed. He is now leading a cross-government effort to ensure this is properly delivered, demonstrating the government’s ability to attract private investment through successful delivery.
