Industry | 2009.04.16
Martin Rees on the financial stimulus of science
A robust British recovery depends on prioritising innovation. Starting with a budget boost next week
As the prime minister and chancellor contemplate the tricky budget arithmetic, they will no doubt be considering how to ensure that Britain comes through this recession in the strongest competitive condition. To ensure continuing prosperity in the global economy, nothing is more important than the development and application of knowledge and skills.
Whether or not there is a case for a further fiscal shot in the arm, there are powerful reasons for a budget boost for science. When the recession is over, we will need to compete in a restructured, unfamiliar economy. Peter Mandelson has emphasised that the UK cannot succeed as "the kind of place that made its global living setting up special investment vehicles and selling derivatives". Financial services will no doubt continue to be important, but everyone now accepts that we must focus more on innovating and making things the rest of the world wants to buy.
Manufacturing doesn\'t just mean building cars and metal-bashing, it includes making pharmaceuticals and hi-tech electronics. A crucial part of the process is the research and development that allows better and greener products to come to market. Britain has traditionally had a strong science and engineering base. Over the last decade the government has given welcome priority to sustaining it. But the payoff for research and development sometimes takes decades, rather than years. If we are to recoup our investment we mustn\'t slip backwards, or even stand still.
Only by investing in science and research now can we take advantage of the massive market prospects as the world develops new, more environmentally friendly ways of making a living. As the Guardian reports today, the government today will announce bold plans to introduce electric cars to Britain; the power industry is looking at how to capture and store excess carbon dioxide; and the UK is rich in wind, tide and wave power. Someone is going to make a lot of money out of these opportunities. We must make sure Britain\'s scientists and engineers have a competitive edge. Nothing would do more to attract the brightest and best young people into physical sciences than a proclaimed national aim to lead the quest for clean energy.
If Britain wants to preserve its competitive science base in the face of strong competition, we cannot just cross our fingers and hope current levels of investment will see us through. The places where most public research is conducted - our leading universities - are major national assets. They will only stay that way if they can continue to attract and retain outstanding academics, by offering adequate funding and the opportunity to explore the most exciting research questions.
We are second only to the US in terms of scientific output; on some measures - particularly in output relative to investment - we lead the world. One of President Obama\'s first acts was to give a massive boost to America\'s scientific community. The National Science Foundation will see a 50% increase in its budget. The department of energy\'s science programme will receive $2bn. Nancy Pelosi, speaker of the House of Representatives, summed up Obama\'s stimulus package as "science, science, science and science".
The Royal Society was founded 349 years ago as a vehicle to promote scientific inquiry and its application for the good of mankind. As we prepare to celebrate our 350th anniversary, it is as important as it has ever been for the UK to value the generation of new knowledge. In his budget, the chancellor has the opportunity to send a powerful signal that Britain intends to remain successful by staying at the cutting edge. He can\'t afford not to.
• Martin Rees is Royal Society president public.affairs@royalsociety.org
For more information, please visit
http://www.guardian.co.uk/commentisfree/[...]6/budget-recession-martin-rees
