流血至死：科技增长危机

2nd Report of Session 2024–26 Bleeding to death:the science andtechnology growthemergency Ordered to be printed 21 October 2025 and published 5 November 2025 HL Paper 192 Science and Technology CommitteeThe Science and Technology Select Committee is appointed by the House of Lords in each session “to consider science and technology”. MembershipThe Members of the Science and Technology Committee are: LordBerkeleyLordBorwickLordDraysonLordLucasLordMair (Chair)BaronessNeubergerBaronessNeville-Jones BaronessNorthoverLordRanger of NorthwoodViscountStansgateLordStern of BrentfordBaronessWalmsleyBaronessWillis of SummertownBaronessYoung of Old Scone Declaration of interestsSee Appendix 1. A full list of Members’ interests can be found in the Register of Lords’ Interests:http://www.parliament.uk/hlregister PublicationsAll publications of the Committee are available at: https://committees.parliament.uk/committee/193/science-and-technology-committee-lords/publications/ Parliament LiveLive coverage of debates and public sessions of the Committee’s meetings are available at: http://www.parliamentlive.tv Further informationFurther information about the House of Lords and its Committees, including guidance towitnesses, details of current inquiries and forthcoming meetings is available at:http://www.parliament.uk/business/lords Committee staffThe Committee staff are John Turner (Clerk), Thomas Hornigold (Policy Analyst), Siddhant Gurung (Committee Operations Officer), Daisy Robins (Second Clerk) and Jonathan Sutton(POST Fellow). Contact detailsAll correspondence should be addressed to the Science and Technology Committee, Committee Office, House of Lords, London SW1A 0PW. Telephone 020 7219 5750.Email hlscience@parliament.uk Social MediaYou can follow the Committee on X (formerly Twitter): @LordsSTCom. Copyright and privilegeThis report was published by Order of the House of Lords and is subject to Parliamentary Privilege. Content may be reproduced under the terms of the Open Parliament Licence, whichis published at https://www.parliament.uk/copyright. © Parliamentary Copyright House ofLords 2025. Summary3Chapter 1: Introduction7Chapter 2: Failing to scale in the UK10Characterising the scale-up problem10Figure 1: UK Public Financial Institutions13Risk appetite, the Treasury, and long-termism15Science and technology companies and the UK national interest18Chapter 3: Enabling private sector financing22Pension funds and the Mansion House reforms22Figure 2: Percentage allocation of UK pension funds in UK equity1997–202223Figure 3: Sources of venture capital funding in the UK and theUS24Consolidation of funds: scale and skills25Box 1: Consolidation of pension funds—internationalcomparisons27Speed of progress and mandation27UK capital markets32Other reforms: PISCES and cash ISAs34R&D tax credits35Chapter 4: Public sector investment and procurement38Public procurement38Public sector investment bodies42A ‘leaky pipeline’?42Scale and consolidation44Box 2: International public investment bodies44Figure 4: Global Sovereign Wealth Funds by size46Innovate UK48British Business Bank51National Wealth Fund53Chapter 5: Non-financial barriers to scaling56People and skills: visas, skills, career trajectories56Visas56Skills59Career permeability61Networks63Standards and regulation66Research foundations: R&D funding, universities, spin-outcompanies69University funding69Spin-out companies and intellectual property71Chapter 6: Leadership, cross-government coordination anddelivery73Chapter 7: Responsibilities for key recommendations76Conclusions and recommendations78Page Appendix 1: List of members and Declarations of Interest91Appendix 2: List of witnesses93Appendix 3: Call for evidence100Appendix 4: Glossary106 Evidence is published online at https://committees.parliament.uk/work/9014/ and available for inspection at the Parliamentary Archives (0207219 3074). Q in footnotes refers to a question in oral evidence. SUMMARY The UK economy is bleeding out in a national crisis of growth, especially in thescience and technology sectors. The risk is that the Government will not carryout the radical reforms needed before it is too late. The “failure to scale” for UK technology companies is not new. It has been adeep-rooted problem. But we are in a new technological and geopolitical context,with the rise of AI and the fracturing of the old global order. Technologicalsovereignty—who owns and operates critical technologies—is more importantthan ever. Domestically, the UK has seen sluggish productivity growth andnear-flat real wages since the global financial crisis. The UK economy is simplynot working, and the consequences are easy to see. This has now reached a crisis point. The UK has seen a procession of promisingscience and technology companies moving overseas rather than scaling here.The UK’s inability to retain the economic benefits of its R&D endeavour is afatal flaw in any growth strategy. We judge that decisive and sp