Former Labour and Conservative science ministers have warned that the UK will lose its current position in science and engineering if the next government cuts science spending to tame soaring budget deficit.

Lords Sainsbury and Waldegrave have emphasized that investment in research was indispensable to country’s prosperity in future.

At the launch of The Scientific Century: Securing Our Future Prosperity, the duo said that the UK could fall behind the US, China, India, France and Germany who are increasing science spending to boost their economies.

It may be noted here that the UK has been in the top two of the scientific premier league for around 300 years. It has doubled spending on science to more than £6 billion over the past decade.

Commenting on the topic, former science minister Lord Sainsbury said, “We've gone from 'brain-drain' to 'brain-gain' and if we're not careful and we start cutting - that will reverse. That would be hugely damaging.”

In 2007, the UK firms spent 1.14 per cent of GDP on R&D, while the US and Germany spent 1.9 per cent and 1.8 per cent respectively.

The Royal Society report has also suggested the Government to keep science and innovation at the core of economic policy.