SCI's evidence to Financing and Scaling UK Science and Technology inquiry

SCI has provided evidence [PDF, 196 KB, opens in a new window], to the House of Lords Science and Technology Committee for its new inquiry into Financing and Scaling UK Science and Technology: Innovation, Investment, Industry.

The Committee said the background to its inquiry is that, while the UK has a world-class research base, universities, and a growing scene of spin-out and start-up companies, it can be hard to translate these strengths into UK-based companies and economic growth.

The inquiry aims to look at strategic questions around the UK’s science and technology priorities including the role of public and private sector investment and government policy to help scale-up companies and translate basic research into useful services. As part of its investigation the Committee has requested evidence which SCI has submitted.

“The backdrop for this inquiry is fifteen years of meagre growth, despite significant R&D investment, and a wider sense that the UK often fails to capitalise on its excellent science and technology base. This is particularly true when it comes to the establishment of large domestic technology companies, which often start up here but move overseas,” the Committee said.

SCI’s evidence draws on the work done for its Manifesto for an Industrial Science & Innovation Strategy which has identified that the lack of a consistent industrial strategy has been a barrier to the success of UK science-based business over the last decade.

SCI calculates that a comprehensive and consistent long-term plan to support science-based businesses - ideally with at least a 20-year horizon - could boost UK gross value added (GVA) by as much as £230bn in the life sciences and clean tech sectors alone.

SCI's evidence also draws on SCI’s recent SME survey and research commissioned by SCI and published in March 2025 (Unlocking Value in Life Sciences) which showed that the UK’s life science sector has become less competitive compared to international competitors over the last decade, with the loss of at least £15bn pa GVA.

SCI’s evidence covers areas including translating excellent basic science and technology into global companies, strategic priorities for UK science and technology in a changing world and the UK research and innovation landscape.

Read SCI’s evidence to the House of Lords Science and Technology Committee for its inquiry into Financing and Scaling UK Science and Technology: Innovation, Investment, Industry [PDF, 196 KB, opens in a new window].