Innovation verdict presents mixed bag
2 Nov 2015
Support for innovation in the UK could be better, according to one industry report.
The Innovation Support Report Card, published today by the manufacturers’ organisation EEF does, however, suggest government support for innovation has improved, with 50% of those surveyed saying the UK is at least as good as competitor nations when it comes to R&D tax incentives.
The report also reveals that more than 60% of manufacturers have used the R&D tax credit, though only 12% rate the UK as a “world leader” in this field.
Although government funding is being squeezed, it’s vital that business success generators - including innovation support - are allowed to continue to drive growth
EEF chief economist Lee Hopley
However, the majority (69%) of manufacturers think government “could do better” when supporting the commercialisation of new technologies, though many highlighted improvements such as the introduction of Catapult centres.
Catapult centres, established by Innovate UK, are designed to transform UK innovation capability across a variety of areas, helping to drive economic growth.
Meanwhile, in terms of business access to scientific research, the line of “could do better” was towed by 60% of those surveyed, with an almost identical number (58%) suggesting the UK trails on support for external innovation partnerships.
The report suggests this is a point of concern, as the most successful innovators excel in many areas, as opposed to just one.
“Although government funding is being squeezed, it’s vital that business success generators - including innovation support - are allowed to continue to drive growth,” said Lee Hopley, chief economist at EEF.
“This is particularly important given that the government wants the UK to become the best place in Europe to innovate.”
To build a “successful innovation ecosystem in the UK”, EEF says a real term increase in funding for science and innovation and increased funding for Innovate UK is vital.
