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Officially, Venezuela has 300 billion barrels of oil reserves – yet in 2023, it exported just 211.6 million barrels of oil, worth about $4bn. Compare that to second-placed Saudi Arabia, which has 267 billion barrels of reserves, but had exports worth $181bn in the same time period.
The alarm comes from changes in the way taxpayers’ money is invested by UK Research and Innovation (UKRI), which recently published its plan on how to disburse £38.6bn of public research and development funding over the next four years. Change is always unsettling, and as the UKRI’s chief executive, Ian Chapman, says, there will always be those who lose out when change happens. Difficult choices must be made.