There are too few university science graduates leaving academia with skills relevant to the industry.
That is according to the Lords Science and Technology Committee, which has called on the government to take swift action to address the issue.
More specifically, the Committee says that more students need to study science, technology, engineering and maths at university.
"When you have a university like Cambridge saying that even with an A* in mathematics we are having to give remedial maths in order to study engineering there is something not quite right if we are going to produce the very best to compete with the world," Lord Willis observed.
"In reality the quality of the Stem graduates coming out of universities does not meet the requirements of industry and in fact is ultimately not even likely to meet the requirements of academia."
The report states that urgent action is needed if the government is to achieve its long-term economic targets.
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