Plan I

Download the full version of Plan I (PDF 5MB)

• The case for innovation

• Plan I endorsements

• The 12 recommendations

The case for innovation-led growth

Since the recession started in 2008, the UK's economic debate has focused on short-term recovery, and the battle between the two big plans: Plan A or Plan B, austerity or stimulus.

But neither of these addresses the UK's longer-term growth prospects.

Our recent Innovation Index figures showed that the UK economy, far from flourishing in the last 10 years, has experienced a 'lost decade' of innovation, damaging long-term growth.

Growth depends on innovation - our ability to generate and adopt new knowledge and ideas.

A new Plan is needed

Nesta is now calling for a new conversation about economic growth, and Plan I sets out the direction we believe the UK should travel in.

We want to look beyond the short-term arguments about Plan A and Plan B and instead focus on what we are calling a Plan I to drive long-term, innovation-led growth.

Choose Plan I and help us end the innovation strike!

The 12 recommendations

Nesta's Plan I sets out 12 recommendations to kick-start sustainable innovation-led growth, and move beyond the typical economic policy that has dominated in the UK for the last decade.

Plan I's 12-policy recommendations to deliver innovation-led growth:

1. Financial architecture:  A £200m fund for early-stage ventures; freedom to raise money for the Green Investment Bank, and a new business banks to lend to growth sectors including advanced manufacture and life sciences.
2. Rebalance government spending towards innovation: Invest the proceeds of the forthcoming 4G spectrum auction - estimated at £4bn - in science, technology and innovation.
3. Government innovation procurement: Establish innovation spending to channel £1bn of government procurement through innovative businesses.
4. Infrastructure investment: Relax planning restrictions around innovation clusters.
5. Collective intelligence: Higher education funds for radical inventions around knowledge creation - putting design thinking at the heart of the new Catapult centres.
6. Incentives for innovation: A £25m 'challenge prize' fund to inspire the nation to tackle big technological challenges.
7. Measurement, data and standards: Reshape the tax credit system to recognise hidden innovation and R&D.
8. Boosting innovation across the UK: Supporting innovation clusters where they are already thriving.
9. Innovation in the labour market: Link procurement to local jobs, training and apprenticeships and encourage innovation around micro-jobs and micro-franchises. Support innovative projects such as Studio Schools/establish norm of one apprenticeship per £1m turnover.
10. Public and social innovation: Demonstrate the most effective models and approaches to tackle the severest social challenges, with cross-government funding commitment for public service incubators to share the most effective models.
11. Education: Create the next generation of digital makers, giving all teenagers the chance to make, code, design and program.
12. Remove barriers to entrepreneurship: Change the immigration cap to welcome skilled foreign graduates and entrepreneurs, and recast regulation to encourage new market entry.