Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has made an economic assessment of the (a) value of early-phase research and (b) inward investment generated by early-phase trials.
The Industrial Strategy White Paper sets out the central role of science and innovation in meeting the UK’s productivity challenge. The UK economy gets a high rate of return for our investment in Science – 20% per annum in perpetuity. The UK research base is highly productive in terms of article and citation outputs per researcher and per pound spend on R&D. With only 0.9% of the global population, 4.1% of researchers, the UK accounts for 6.3% of research articles, 10.7% of citations and 15.2% of the most highly-cited research articles. The UK draws in proportionally more internationally mobile investment in Research & Development than other large countries. For further information: http://oecd.org/sti/msti