(Reuters) - British scientists could be invited to compete for cash prizes to discover new technologies as a cost-effective way to support research in an era of lower public spending, Science Minister David Willetts said on Friday.
Willetts is responsible for around 5 billion pounds of annual research and development funding but faces a sharp reduction in a government spending review in October unless he can persuade treasury officials to look elsewhere for savings.
The new coalition government is seeking cuts of around 25 percent in the budgets of all departments apart from health and international development to reduce a 156 billion pound budget deficit. Willetts said he believed money spent on research made economic sense, but it had to be used as effectively as possible in straightened times.
To read the full, original article click on this link: UK mulls science cash prizes for innovation | Reuters
Author: Tim Castle
