Despite a much-feared expenditure decrease in this week's budget, the UK's science and technology sector managed to survive. However, experts say the government must do more to realize the UK's potential as a "science superpower."
The government's prior promise to treble expenditure on research and development (R&D) was seen as an easy target in the expectation that this budget would be one of austerity. Instead, Jeremy Hunt made it plain that supporting the UK's high-tech businesses was essential to his plans for economic recovery, just like previous chancellors have done.
He explained to the Commons that his goal was to make the UK "the world's next Silicon Valley."
An "engine for growth" is a term that is frequently used to characterize science and technology, and by most accounts, the UK has a healthy engine.
Prior to the Autumn Statement, the Chancellor Jeremy Hunt prepares his address in his office at No. 11 Downing Street.
In notably in science and engineering, UK universities consistently place at the very top of international league tables. We train more scientists and engineers to a high standard relative to the number of graduates than many other economies of comparable size.
In terms of Nobel Prizes awarded, the UK is second only to the US.
Getting that engine to drive the economy has been a challenge for a while.
Jeremy Hunt stated before the Commons that "we need to be better at turning world-class invention into world-class enterprises," and those working in the UK's high-tech industry would concur.
A new venture in Cambridgeshire called Paragraf is using the wonder substance graphene in microelectronics. They are developing a way to employ graphene instead of metal-based conductors in microchips.
A "hall sensor," a rather straightforward gadget that measures magnetic fields, is their first offering. The typical car contains about 50 of these, and your cell phone probably contains one as well. They serve as electronic compasses or tools for measuring things like the rotation of wheels. The sensors from Paragraf require around 1000 times less electricity than a typical sensor because they are made of graphene.
The ultimate goal is to create computer processors utilizing graphene. According to Simon Thomas, CEO of Paragraf, "imagine computers with graphene chips, 50% less energy use, 1000 times faster, So it really is a transformative material."
Mr. Thomas' current top priority is being able to expand his business in the UK. "One of my major worries for the foreseeable future is that we'll have to relocate the company quickly from the UK. And the reason for that is the increased support. There is more potential for us to develop alongside other nations, "added said.
Government assistance has benefited Paragraf. The scientists who initially discovered graphene in the UK received the Nobel Prize for their efforts. However, Mr. Thomas contends that the environment is insufficient for small businesses to expand into powerful, internationally competitive ones.
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