As we emerge from the festive season, so too has our prime minister, who has been noticeably quiet of late – a trait we’ve not been accustomed to in recent times. His speech on building a better future was certainly high-level, focusing on five challenges for the UK in 2023 – inflation, growing the economy, reducing debt, NHS waiting times and migrant boats – but there were mentions relevant to the early-stage investment community.
Sunak reiterated the importance of supporting innovation, by increasing public funding in R&D to £20bn in order to enhance our world-leading strengths in AI, life sciences, quantum, fintech, and green technology.
This R&D spending increase is important and Sunak stated why in his speech: “New jobs are created by innovation. People’s wages increased by innovation. The cost of goods and services is reduced by innovation.”...