New prime minister must up R&D funding or risk ushering in ‘low skilled’ economy

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City AM

By Millie Turner The next prime minister must up the UK’s spending on science research and development (R&D) or risk losing its standing as a global leader, Tory-backed think tank Onward has urged today. In a report, supported by several MPs including former science minister George Freeman, Onward said the lack of spending risks damaging the UK’s core products, such as pharmaceuticals. Since 2010, the UK’s pharma exports have fallen from 4th highest in the World to 98th and a $9.7bn (£7.9bn) trade surplus has turned into a $1bn trade deficit (£821m), MPs noted. “Unless there is proper plan, we…

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