A shake-up in innovation funding could affect the 'economy of the future', academic warns.
Prof Colin Riordan is being succeeded by Prof Wendy Larner as Cardiff University's new president and vice-chancellor from September"It's not about funding universities, it's about funding innovation," he said.
"There's a gap between the fundamental scientific research that universities do and that professors do in labs and the actual products that come out the other end - your iPhones and newer products, battery technology, self-driving cars.'Unnecessary bureaucracy' The Department for Levelling Up, Housing and Communities has previously said that the Shared Prosperity Fund would "match EU funding and give local places control of how money is spent, remove unnecessary bureaucracy, and enable local communities to invest in the priorities that matter to them".He said that meant the UK government would "transfer money to local authorities for local support for business, for community groups".
He said some of that funding should be earmarked for research and development by working regionally rather than locally and including universities.Vice chancellors from Swansea University, Bangor University and Aberystwyth University will also attend Wednesday's hearing with MPs. They will also discuss the potential "brain drain" of Welsh graduates moving elsewhere in the UK for work and whether universities have become too dependent on fees from international students.
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