Technology and innovation are powerful engines of prosperity, inclusion and resilience that will drive radical benefits across society and support the UK’s economic recovery - from large-scale carbon reduction to developing a vaccine for COVID-19.
As the UK begins to build back better and reshape its role internationally, a dynamic innovation economy is essential – to foster prosperity, create high quality jobs, attract investment and compete globally.
The crisis has highlighted the best of British innovation and business dynamism, but for the positive impacts to be sustainable and engrained there are challenges to address. Many firms are struggling with lower cash reserves to invest in innovation and there is a growing concern about the impact of future regulation on the UK’s digital dynamism.
The UK now needs an ambitious vision to harness UK innovation and technology and support a jobs-rich economic recovery. Government must now take a strategic, ambitious and expeditious approach, in lockstep with business, to make the UK the best place for firms to locate, innovate and scale.
That is where the CBI can help. Our report sets out a vision for a world-leading UK innovation economy (the ‘five signs of success’) – and recommendations for how government can work in partnership with business to create the best conditions for UK innovation:
- Deliver dynamism: take a strategic approach to digital regulation and invest in the institutions needed to deliver it
- Go for gigabit: match political pledges with accelerated action on digital infrastructure
- Accelerate adoption: join-up, scale-up and simplify support to drive innovation adoption
- Increase innovation: focus on improving the policy environment for business R&D
- Upskill on digital: spur a gear change in ambition to boost the UK’s digital skills pipeline.
Read the Building a World-Class Innovation and Digital Economy report and recommendations.
For more information on this report, please contact Susannah Odell.