MillionPlus welcomes the Prime Minister’s commitment to increase R&D investment

MillionPlus, the Association for Modern Universities, has today (21 November) welcomed the announcement by the Prime Minister, Theresa May MP, that the government will increase investment in research and development to £2bn per year by 2020. In her speech to the CBI, the Prime Minister will also announce that UK Research and Innovation will be responsible for a new Industrial Strategy Challenge Fund.

Professor Dave Phoenix, Chair of MillionPlus and Vice-Chancellor of London South Bank University, said:

“The UK lags well behind its competitors in investment in research and development and we warmly welcome the Prime Minister’s commitment to increase this funding. In addition to the Industrial Strategy Challenge Fund, any new industrial strategy needs to build on the strength of the innovation work already being undertaken by modern universities throughout the country.

"These universities have strong links with small and medium sized businesses, the multi-national companies and the creative industries which are the backbone of the economy. The Prime Minister’s commitment to new investment needs to be matched by imaginative ways of promoting innovation and a new stream of funding to support translational research and enterprise.”

ENDS

Notes to editors

1. MillionPlus is the Association for Modern Universities. More information can be found at www.millionplus.ac.uk
2. Modern universities: key facts
3. The MillionPlus submission to the Autumn Statement, Universities, enterprise, exports and innovation, is available here
4. For further information or to arrange an interview, please contact Dan Blows on 020 7717 1658 or email press@millionplus.ac.uk