A taskforce has been set up to examine the future of the UK’s Research and Development (R&D) sector and will be led by Professor Sir Peter Gregson, Cranfield University’s Chief Executive and Vice-Chancellor to establish the relationship between businesses and universities in relation to R&D.
The collaboration of businesses and universities are seen as key for advancing UK Research and Development (R&D) and assisting the country towards economic recovery.
In 2018 alone, the total expenditure on the UK R&D was £37.1 billion, which has regularly increased from £18.5 billion since 1981 and equates to £558 per head. Additionally, R&D tax credits contribute up to £8.2 billion to the UK economy.
According to data, 85 per cent of R&D claims are from Small and Medium Enterprises (SMEs). The average claim of SMEs being £53, 876.
Professor Sir Peter Gregson, Chief Executive and Vice-Chancellor at Cranfield University said: “At Cranfield, we pride ourselves on our deep and meaningful partnerships with businesses. Those partnerships are a critical part of our distinctive specialist postgraduate education and research offerings in technology and management.
“I’m delighted to be appointed to this taskforce with such distinguished leading figures in UK business and academia.
“Throughout my career, I have championed the power of universities, business and government coming together to drive innovation and I’m looking forward to the work this taskforce will do in helping the nation realise its vital R & D ambitions.”
Formed by the National Centre of Universities and Businesses (NCUB), this taskforce will consist of members such as Lord Karan Bilimoria, President of CBI; Sir Ian Davies, Chairman of Rolls-Royce; Jan Du Plessis, Chairman of BT; and Professor Louise Richardson, Vice-Chancellor of the University of Oxford.
It will focus on ways to continue the partnership of universities and businesses, whilst coinciding with the long-term and important ambitions of the UK Government’s R&D Roadmap – at the request of Research England.
To find out more about how Made.Simplr can help your business with its forward-thinking approach to R&D, book a demo today!