Tories propose prizes for science innovation
Tories aim to boost innovation in Britain
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Wednesday, 16, Aug 2006 11:15
Prizes for companies that promote science innovation have been proposed by the Conservative party.
Former science minister Ian Taylor said that the scheme would "promote innovation and remove barriers to business and wealth creation in the UK".
The Conservative science, technology, engineering and mathematics (Stem) taskforce hopes that the proposals would prevent the shift of highly skilled jobs to foreign states and promote the image of science within the UK.
Last week academics warned that physics is in a "downward spiral", leading the Royal Society, which promotes the natural and applied sciences, to claim that there will be difficulties meeting the needs of the economy in the coming decades.
Announcing the prize proposals, Mr Taylor said: "The British government spends £3 billion a year on science and innovation, but £110 billion a year on buying goods and services. We need to find a way to use that huge spending on goods and services to boost British innovation."
"The Stem taskforce believes that government could encourage innovation not by trying to pick winners but by identifying a need and challenging scientists and engineers to come up with the right product or service.
"But we can do more than just use the power of procurement to stimulate innovation. The US government encourages scientists and engineers by putting up prizes for those who can produce answers to critical problems," Mr Taylor added.
The taskforce proposals are only interim and the party maintains that it will continue to develop ideas as to how the country's performance in science, technology, engineering and mathematics can be improved.
Oliver Letwin, who chairs the party's policy review, commented: "This is a very important contribution to the debate about science and innovation. We will clearly have to look again at the whole way we use taxpayer funds to encourage innovation."