Commenting on the Budget announced today, Professor Sir Jim McDonald GBE FREng FRSE, President of the Royal Academy of Engineering, says:
“The government’s announced investment to accelerate late-stage R&D and support engineering and manufacturing projects across life sciences, automotive and aerospace sectors is welcome, as many of these technologies are pivotal for delivering healthcare and achieving the UK’s net zero and growth ambitions. The Green Future Fellowships delivered by the Academy will also be vital for achieving these ambitions and driving economic growth. The government’s ongoing investment in aerospace through the Aerospace Growth Partnership, the Aerospace Technology Initiative and Advanced Propulsion Centre has been successful for its long-term commitment beyond budget and political cycles, an approach that needs to be replicated across the research and innovation sectors.
“To maintain the UK’s place as a leading tech ecosystem, it’s important that the government move swiftly to implement the Mansion House reforms to support innovative companies to access the capital they need to scaleup domestically and we encourage the government to explore other sources of investment held in UK financial institutions.
“Continued investment in the UK’s AI sector, including through the Alan Turing Institute, is vital to support the development of emerging technologies and engineering that can help to address complex societal challenges. However, it’s crucial that this continued investment is delivered in a way that unlocks opportunities for innovation, skills development and economic success in all nations and regions across the UK, to ensure that advancements in AI engineering contribute to a more inclusive economy.”
