Response to Budget 2013

20 March 2013

The Institute of Physics (IOP) has responded to the Chancellor’s 2013 Budget announcement.

George Osborne, UK Chancellor

Professor Sir Peter Knight, President of IOP, commented, “Being aware that £11.5 billion is to be cut from departmental budgets on 26 June, we need to remind the Government that science and innovation hold the key to this country’s future.  We need to deter the Government from inflicting irreparable damage on one of our nation’s greatest assets, its science base. 

“While many nations invest in science and engineering to stimulate growth, create high quality jobs and give their nation an edge in the high-end global economy, we hover on the precipice of cutting our Science Budget.

“Already suffering from a real terms cut of 10% over this spending period, thanks to inflation, the Spending Round in June needs to return us to growth in investment in science and engineering or else accept the consequences of further erosion to our world-leading position in science. 

“However, while this is a grave concern, there has been some good news today for physics-based businesses in the UK with an increase in research and development credits and the expansion and strengthening of the Small Business Research Initiative (SBRI) – a cross-departmental programme concerned with government procurement of services and products.

“Through intelligent use of their procurement budgets, government departments have the potential to drive innovation and growth in high-technology businesses across the UK.

“We anticipate a range of business success stories following this important move that will see the SBRI grow fivefold over two years.”

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