0:00
is the Labor government holding UK
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innovation back the UK's largest funer
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of research is suffering from a lack of
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strategy set by the government as
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innovation levels are declining who and
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what is to blame a government watchdog
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the National Audit Office has advised
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labor ministers to give the UK's largest
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single public fund for technological
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research a clearer strategy on the
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objectives it wants to achieve its new
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report has claimed the government has
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failed to communicate policy priorities
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in a coherent and clear way it also said
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the Labor government should tell the
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fund called UK research and innovation
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or UKRI to hit deadlines for research
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projects to be delivered the department
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gave it six strategic objectives in 2018
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under a previous Conservative government
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these objectives included investing in a
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greener future improving health and
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boosting national security ukri has a
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budget of around 10 billion pounds to
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use on research and it is seen as a
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crucial body that can drive economic
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growth but the investment body is
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understaffed according to the National
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Audit Office meaning that funding has
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been misallocated due to fraud in 2023
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up to 42.6 £6 million in suspected fraud
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was investigated but UKRI only recovered
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up to £80,000 of the cash grant it
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awarded a report last year said
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innovation levels had also dropped in
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2024 due to high costs and a lack of
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funding after some 10 months in office
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the Labor government is now expected to
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roll out its industrial strategy which
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could provide some clarity to the
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research fund labour hopes its plans
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will make the organization more
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efficient and boost risk takingaking
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which is a key characteristic of UKRI
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hackathons have been set up to boost the
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use of technology and government while
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spinouts which are companies made out of
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university research projects have
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received millions of pounds in public
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funding and John Healey the defense
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secretary this week told investors at
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the London Stock Exchange that defense
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was open for business a new body called
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the UK Defense Innovation will invest400
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million pounds on technology and
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equipment to be delivered to the armed
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forces but it's not just the government
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that may be responsible for driving
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innovation across Britain in an opinion
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piece for city Labour voter and British
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billionaire John Cordwell called on
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business leaders to show that they are
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serious about growth he said
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entrepreneurs should offer young people
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a greater sense of aspiration he did
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spare some criticism for the Labor
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government though claiming that taxes on
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nondoms otherwise wealthy foreign
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investors who lived in the UK were
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stifling innovation for more news on UK
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innovation head over to cityam.com
