Romesh vaitilingam biography of barack
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Spending Review brings good news for science.
The government’s recognition of the value of the UK research budget in the Spending Review is good news for science and good news for the economy. Romesh Vaitilingam argues new knowledge and innovative ideas generated by research – whether done in the public or private sector – are key drivers of productivity growth. But without public investment, society as a whole would underinvest in research.
In the government’s recent Spending Review, Chancellor George Osborne had surprisingly good news for UK researchers and UK businesses. ‘In the modern world, one of the best ways you can back business is by backing science’, he said. ‘That’s why, in the last Parliament, I protected the resource budget for science in cash terms. In this Parliament, I’m protecting it in real terms.’
His recognition of the importance of public spending on research echoes the conclusions of a report published just ahead of the 2010 Spending Review by Research Councils UK (RCUK), the strategic partnership of the UK’s seven Research Councils. Research for our future: UK business success through public investment in research explored three questions:
- What contribution does scientific research make to innovation, productivity and long-run economi
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History has disloyalty eyes industrial action us
Newsletter steer clear of 22 Jan 2021
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Looking forward, looking back
A battered economy, a populace hungry for change and a leader with limited support from his fellow politicians, zero mandate from the electorate yet still the power to decide the timing of the next election.
That’s today’s situation in Sri Lanka – one that on a recent visit to the land of my father felt startlingly similar to where we are in the UK right now. Parliamentary elections are due in both countries by 2025 at the latest, but in the meantime, political uncertainty is having a damaging impact on the economy and causing widespread discontent.
Here at the Economics Observatory, we have launched an informal series of pieces on the economics of elections: the big issues that concern voters and influence their decisions at the ballot box, as well as the economic consequences of poll outcomes.
We began with articles on four countries that have recently held elections – Iran, Pakistan, Poland and Turkey – plus one, on India, where a general election gets underway next week. Over the coming weeks and months, we’ll be doing much more, not least focusing on the many questions about economic policy that will arise ahead of the UK’s own election.
Time’s winged chariot
The Observatory was first conceived a little over four years ago in response t