Spending sign-off is penny wise and pound foolish

The UK needs nimbler ways to approve public investment in R&D, says David Willetts

As someone whose first government job was in the Treasury, I understand its preoccupation with the proper management of public money. 

One way it tries to do this is by requiring a business case for each project, setting out its rationale and predicted impact in economic, financial, commercial, management and strategic terms.