Why innovation is key to the UK’s economic growth.
Innovation is often associated with new gadgets – a faster car, or a better smartphone. But innovation isn’t just about new technology. New ideas and creative thinking are also vital. And according to the Prime Minister, the UK really needs a culture and mindset of innovation to achieve the economic growth we need.
The Prime Minister’s three-step plan to fire up the UK’s innovation engine
- Harness innovation to drive growth
Over the last 50 years, innovation was responsible for around half of the UK’s productivity increases. But the rate of increase has slowed significantly since the financial crisis. This difference explains almost all our productivity gap with the United States. So how do we fire up the innovation engine?
It all starts with government investment in science and research. In the Autumn Statement, the government protected the budget for research and development at £20bn.
But businesses need to play their part too. They need to take advantage of th
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