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British universities have warned the Science Minister David Willetts over the detrimental effects the deep cuts in the research budgets will have on the UK economy. We all know budget cuts are bad in any domain, but let’s have a look at the impact of less research on the British economy.
* Loss of highly skilled people. Top researchers will move to other countries where research and development budgets haven’t been affected by the crisis.
* Recruitment will suffer. Given the highly mobile talent base, foreign researchers won’t be stimulated to move to the UK.
* The UK is known for its top research standards that brought countless financial benefits. In a world where research stimulates the economy, fewer innovations will lead to milder growth rates. Also, this hard-earned advantage over competitor educational institutes could easily be lost in a matter of only a few years.
Research intensive universities will, according to President of UCL, Professor Malcolm Grant, go through deeply worrying times