Seismic challenges demand a budget for innovation

Boosting business R&D is central to tackling economic and climate crises, says Rosalind Lowe

The 3 March budget will be chancellor Rishi Sunak’s fifth major statement in just over a year in the job. Having taken unprecedented steps to shelter businesses and jobs from the impact of Covid-19, and with a plan to exit lockdown in place, the chancellor’s attention must turn to the long-term recovery and its direction.

Beyond the pandemic, the government faces two seismic challenges. The first is how to adapt and remain competitive in a rapidly changing world. The second is the crisis of climate change.