PM Rishi Sunak delivers a speech for his parliament's vision in 2023

The transcript emphasizes the importance of innovation in driving economic growth and productivity. It highlights that innovation is responsible for significant increases in productivity, job creation, and wage growth. The UK aims to become the most innovative economy by increasing public funding in R&D and leveraging opportunities from Brexit. The focus is on enhancing strengths in AI, life sciences, quantum technology, and green technology, while ensuring a pro-innovation regulatory system and supporting entrepreneurial growth.

Why is innovation considered crucial for economic growth?

• It is a traditional lever like tax and spend.

• It is a nice-to-have aspect of growth.

• It creates new opportunities and better-paying jobs.

• It is mainly about gadgets and geekery.

What has innovation contributed to in the UK over the last 50 years?

• An increase in productivity and job creation.

• A reduction in productivity.

• A decrease in job opportunities.

• An increase in the cost of goods and services.

How does innovation affect the cost of goods and services?

• It increases the cost.

• It has no effect on the cost.

• It reduces the cost.

• It makes the cost unpredictable.

What is the UK's strategy to become the most innovative economy?

• Focusing solely on traditional industries.

• Reducing public funding in R&D.

• Ignoring regulatory changes.

• Increasing public funding in R&D to £20 billion.

Which areas are being targeted by the UK's increased R&D funding?

• Tourism and entertainment.

• Retail and hospitality.

• Traditional manufacturing and agriculture.

• AI, life sciences, quantum Fintech, and green technology.