TUC fears £1.25 billion funding will be wasted

The government's spending review pledge to pour £1.25 billion into science and technology will be wasted unless an effective mechanism is developed for technology transfer between universities and industries, says the Trades Union Congress.

A joint report from the TUC and the Work Foundation says the UK is failing to capitalise on its excellent science, leaving its productivity trailing far behind Germany and the US. It says that scientists, universities and industry need to work closely at regional level to create technology transfer networks. But it also blames venture capitalists for not using academics to evaluate investment opportunities and for dismissing them as not businesslike when it comes to commercialising research.