The role of technology, research and innovation in the COVID-19 recovery
In addition to its health impacts, the COVID-19 pandemic has disrupted economic activity, with the OECD estimating that the initial impact on the UK has been a reduction in GDP of more than 25% since the end of March. Research and innovation activity has been affected, with the Campaign for Science and Engineering reporting financial and logistical difficulties for academic institutes, medical research charities and businesses.
This is particularly important given the ability of research and innovation to drive economic growth as the UK seeks to recover from the pandemic, with UKRI having previously estimated that every £1 spent on research and development delivers £7 in economic and social benefit.
The House of Commons Science and Technology Committee will inquire formally into the role of technology, research and innovation in the UK’s economic recovery from COVID-19, as well as the support that the sector itself requires to recover from the pandemic.