Nesta welcomes Heseltine's Review, but looks to the Government for concrete action

31/10/12

Nesta commends Heseltine’s vision for an industrial strategy for the UK: what we called for in Plan I. A strategy with innovation at its centre, along with a commitment to long-term funding for science and innovation.

Stian Westlake, Nesta's Director of Policy and Research, says:

"We welcome the call for a National Growth Council, which aligns with our recommendation for a Prime Ministerial led body to drive growth with proper political clout and the administrative resource to get things done.

"Heseltine's recommendations on procurement also echo Nesta's proposals in Plan I. In particular, Nesta has called for a central body providing expertise on innovative procurement. However, we believe it should go further, for example, expanding the role of SBRI, the government  programme that harnesses the power of public sector procurement to drive innovation. Nesta recommends that a minimum commitment be made for SBRI to be used for 1% of Government procurement.

"The review also highlights how foreign investment should be seen as a strategic asset for British industry. Nesta's research shows that foreign investors are vital to the UK economy. They are not only major employers, but they encourage UK businesses to be more innovative. At a time when UK plc needs to innovate to compete with the rest of world, the right kind of foreign investment can help give us the UK economy boost we so desperately need.

"What we need now is the Government to back the report's recommendations with concrete action. By taking the opportunity to reinvest the anticipated £4bn proceeds from the 4G spectrum auction back into science and technology, it could kickstart a new era of economic growth, and be remembered as the administration that harnessed innovation to secure our economic future."

Nesta's research is well covered in the report with mentions for Innovation Index, The Vital Six Per Cent and Growth Dynamics.