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Boosting finance for engineering & technology

An initiative by the Institution for Engineering & Technology (IET) and the ICAEW.

Background

In July 2016, prime minister Theresa May announced that the government would develop a new industrial strategy, as well as the creation of a Department for Business, Energy & Industrial Strategy under new minister of state Rt Hon Greg Clark MP.

Engineering and high-technology play a central role in the UK’s economy. Engineering represents the biggest single sector for UK exports and it is at the heart of Britain’s international competitiveness, its R&D and innovation.

According to EngineeringUK, the sector contributed £455.6bn to the UK’s GDP in 2014 - 27% of the total - and more than the combined retail/wholesale and finance/insurance sectors. The contribution by engineering was forecast (before the EU referendum took place) to increase to £608bn by 2022. Engineering directly employs more than 5.5 million people in Britain.

Discussion paper: Boosting Finance for Engineering & Technology

The ICAEW and the Institution for Engineering & Technology (IET) have published a discussion paper Boosting Finance for Engineering Technology to stimulate ideas about how the government, market participants and the two institutes could together help boost public and private investment in innovative engineering and technology ventures.

Members of the IET and ICAEW are very actively involved - at a senior level - in the vast majority of the UK’s engineering and technology businesses.

An important aim of this discussion paper is to suggest some of the most important considerations that should inform the new industrial strategy for the development of new engineering and technology in the UK.

The discussion paper also includes seven case studies of established and early-stage innovative engineering companies, based on research and interviews, including with Warren East CBE, chief executive of Rolls-Royce plc.

Boosting finance for engineering and technology  

Boosting finance for engineering and technology  

A discussion paper produced by The IET and ICAEW

Forum: Boosting Finance for Engineering & Technology

The IET and ICAEW are co-hosting a forum ‘Boosting Finance for Engineering & Technology’ at Savoy Place on Tuesday 27th September.

Speakers and panelists will include Naomi Climer, president of the IET, Vernon Soare, chief operating officer of the ICAEW, Dr Ruth McKernan, chief executive of Inovative UK, and Warren East CBE, chief executive of Rolls-Royce plc.

If you are interested in attending the forum, please email Stephanie Fernandes - sfernandes@theiet.org 

The questions the forum will consider will include:

  • Given the sector’s vital contribution to economic growth, skilled employment and productivity, how might the UK might boost investment in engineering and technology.
  • How might the UK increase public and private investment in the commercial adoption and exploitation of R&D, expanding current government and private investment?
  • How might the government further support innovative early-stage businesses by co-financing, therefore reducing risk to attract even more private investors?
  • How effective are the UK’s current fiscal incentives for R&D, tech transfer and commercialisation?
  • What additional policy and practical measures could help emerging ventures to work with large corporations even more effectively?
  • Could more be done by the UK government, market participants and professional institutions to ensure a wide variety of sources of private investment - including debt and equity?
  • Could emerging advanced engineering and technology companies benefit from even better advice and information about sources of investment and about raising finance?

Authors

The discussion document has been devised, researched and written by Shaun Beaney, Corporate Finance Faculty, ICAEW, Stephanie Fernandes, Principal Policy Advisor for Education & Innovation, IET, David Petrie, Head of Corporate Finance, ICAEW, and Dave Smith, Managing Director – Europe, Ricardo plc and chairman of Innovation & Emerging Technologies Policy Panel, IET.