Funding cuts putting UK research reputation at risk as other countries invest more, warns report

The report, by the Royal Society, entitled The Scientific Century: securing our future prosperity, says the UK risks losing its international competiveness unless it follows the example of America, China, India, France and Germany who have all increased spending on science and research to boost their economies.
 
The report also says that British business is investing less on research and development than companies in other countries. In 2007 British companies spent just 1.14% of GDP compared to 1.9% in America and 1.8% in Germany. UCU said it was now time for UK business to make a fair contribution for the many benefits it received from higher education.
 
UCU general secretary, Sally Hunt, said: 'If the UK wants to remain a major player in the global knowledge economy it must invest in research and development. The UK cannot, as Lord Sainsbury points out, win a race to the bottom against the likes of China and India when it comes to low wages. UK higher education has a fantastic tradition of innovation in research and development but we are putting it at risk with savage cuts planned for our universities, while other countries are investing in theirs.
 
'The report also shows that, far from universities failing the UK economy, it is British business that is letting the side down. We believe the UK should increase corporation tax to the G7 average and ring fence that extra money as the long overdue contribution to higher education from British business.'