Press Release

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25/11/2008

Reaction to the Pre-Budget Report

Intellect is pleased that innovation and low carbon technologies were given a nod in yesterday’s Pre-Budget Report (PBR). Whilst the PBR was about urgent action in the short-term, the government must soon complement that with a greater emphasis on innovation and technology, as future engines of growth and creators of high value jobs.

Intellect is pleased that the Technology Strategy Board will be looking at ways to improve its support of technological and non-technological innovation in time for the next budget in 2009. We urge the government to act decisively here. In a speech yesterday Business Secretary, Peter Mandelson outlined the need for diversified growth in the economy, fed by innovative manufacturing and high-tech sectors. However President-elect Obama has already shown that other countries are planning to act boldly to act and maintain their high-tech sectors, so it is vital going forward that this strategic sector doesn’t just get pats on the back, but also a helping hand in difficult times.

When we talk about manufacturing and engineering there is a tendency to think of the person with an oily rag and rugged hands. While traditional manufacturing is an important part of the UK economy, it is vital that we do not forget the value and contribution to our economy of those engineers with perhaps softer hands. Our software engineers, musicians, games designers and all those involved in the creative industries have a big role to play in the UK’s economic recovery.

Future economic growth will be powered by the high-tech industries, where intellectual property drives wealth creation just as much as industrial production. We hope that government will build on plans for a high tech, high growth future as part of an integrated and diverse economy, as well as coping with the present.

Intellect would like to hear your reaction to the PBR. Please email:

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