Former science ministers make joint investment call

Blog 4: Former science ministers make joint investment call

In the UK former science ministers did a joint call to the next administration to maintain the investment in science. Over the past 10 years the British government has spent more than £6 Billon in science. Lord Sainsbury science minister for 8 years under labour has told that the UK came from a brain-drain to a brain-gain and if the next administration couldn’t resist on cutting in spending in science this will be lost again.

The amount of patents in the UK is increased by 136% over the last eight years. As well as the British companies spent 1.14% of the GDP on research and development. According to Sir Martin Taylor a professor at Manchester University the UK could lose his world class status in science. Science and innovation should be put in the heart of the economic policy.

I fully agree with these ministers. Investing in research a development is according to my opinion the only way to be protected against the threat of the new developing countries like China and India. The European governments should increase each year their investments in R&D. When companies innovate in new products and could sell these on a large scale this will automatically generate incomes and profits. Parts of these profits will be used by the companies to invest in new products.

On the other hand when companies are making profits it also results in a growth of the tax incomes for the government. These incomes could be used to reinvest in R&D and we have completed the economic circle. The government should also give support to university and colleges because these educate the human capital for the future. When people are well educated it’s easier to build a knowledge economy that could produce innovated products.

So we can conclude that investing in R&D the biggest opportunity is to be protected against the new developing countries which produce at low costs.

Source: http://news.bbc.co.uk/2/hi/science/nature/8556515.stm