Centre for Policy Studies has released a report called ‘After the Virus’, which collates ideas for the UK to find growth post COVID-19.
The report argues that it is increasingly unlikely – as was first hoped – that the UK will see a V-shaped recovery from the impact of the novel Coronavirus.
It states that the need to maintain social distancing, as well as the hit to consumer and business confidence, will likely present huge challenges to renewed economic growth
The recommendations are wide ranging, but there is a focus on: changing regulation to support innovation; making it easier for graduates with skills in science and tech to come and live and work in the UK; investing in the roll-out of nationwide digital infrastructure; and creating a data-task force within government to make better evidence-based policy decisions.
The report states: Firms need to know how their innovations will fit into the regulatory environment and that they will not be held back by out-of- date rules.
The Financial Conduct Authority (FCA) have been doing some great work in recent years on helping innovative firms bring products to market through advice and ‘regulatory sandboxes’, which allow firms to test new concepts and products in a controlled environment with supervision and advice from the regulator.
the report recommends that to attract “elite talent and skills” from across the world, the government should introduce a visa scheme to automatically allow those who have graduated from one of the top 50 academic institutions globally within the last five years into the UK for work and research.
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