Arkwright's Mill in Cromford, Derbyshire, is the cradle of the factory system in Britain and arguably the birthplace of the industrial revolution in Europe.
Sir Richard Arkwright, a barber and wig maker by training, left Lancashire in 1770 to set up in the Peak District because he wanted to develop his invention, the water frame, away from prying eyes. The foundations of the barracks where he kept a small militia to keep Luddites at bay can still be seen at the centre of his glowering five-storey mills.
Unfortunately modern-day Luddites lurk everywhere in Britain where the science community struggles to be heard by an establishment that inclines, through its own education, towards the arts and humanities.
Britain's Royal Society recently warned that impending cuts to university research departments could irreversibly damage British science. Cuts of 20 per cent to the £8 billion (Dh45.32bn) funding regime would mean "game over", the Royal Society said. The UK has a success story to tell in science and real achievements on which to build. The country's science base is the most productive among the world's leading economies and its quality is second only to the US.
Science has been an important factor in productivity growth and has underpinned the UK's economic prosperity over the past two decades. Some of the world's major innovations were created in the UK, including the World Wide Web. Apple's iPod was the creation of a British-educated designer.
Groundbreaking research, backed by public funding, in nano technology, lasers, stem cells and nuclear fission continues here and the technologies that will be needed to fight climate change - carbon capture and storage, photovoltaics and fuel cells - could easily come from a British lab or from a British-based company.
Yet, even after recent investment, UK public science spending remains relatively low by international standards. While most major economies have responded to the global recession by boosting their investments in science, Britain is heading down a different track.
Perhaps the government believes industry can pay for science directly. After all, the UK's private sector invests £16bn in research and development each year, double the amount the government puts in.
But much of the private-sector money is invested in research and development in Britain because of, not instead of, the publicly funded research base.
In an age of globalisation, investment will be made only in those countries where the intellectual, financial and fiscal environment is attractive.
In the short term, funding cuts will mean research graduates will lose their positions. The depth and quality of research will suffer. Longer term, the perception that science is in decline will put youngsters off entering that field or others such as science, engineering, technology and mathematics. The most talented individuals will probably head for other countries, notably the US, which has long been a haven for British-born talent.
According to the Institute of Physics, the UK produces only 2,500 physics graduates a year. Slashing funding for science cannot help but damage efforts to persuade bright children that there are more exciting things to do than sit on a trading desk each day, no matter how tempting the bonus.
If the politicians are serious about rebalancing the UK's economy away from financial services and towards high-tech engineering and manufacturing, the research departments of our leading universities must be protected from the worst-case budget cuts of up to a third.
The Canadian experience in implementing severe public spending cuts from 1994 to 1999 is frequently cited as a reference point for the UK's dilemma. But in Canada it was recognised that publicly funded science was necessary to stimulate growth. Science investments were squeezed less than other areas of public spending and were reinvested in more quickly, once finances improved, to the extent that the Canadian Foundation for Innovation was set up in 1997 and 2,000 new research chairs were created in 1999.
Entrepreneurs such as Arkwright hid their inventions from the state for as long as they dared. Now scientists depend on the state, if not directly, through the environment public funding can create. The risk of slash and burn is that the green shoots would also be snuffed out.
business@thenational.ae
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
COMPANY%20PROFILE
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How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
FIGHT%20CARD
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Spec%20sheet
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The%20specs
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
DRIVERS' CHAMPIONSHIP STANDINGS
1. Sebastian Vettel (Ferrari) 171 points
2. Lewis Hamilton (Mercedes-GP) 151
3. Valtteri Bottas (Mercedes-GP) 136
4. Daniel Ricciardo (Red Bull Racing) 107
5. Kimi Raikkonen (Ferrari) 83
6. Sergio Perez (Force India) 50
7. Max Verstappen (Red Bull Racing) 45
8. Esteban Ocon (Force India) 39
9. Carlos Sainz (Torro Rosso) 29
10. Felipe Massa (Williams) 22
Company%20Profile
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