Innovation is a key driver of growth and essential if the UK is to remain competitive in the global economy
UK businesses have plenty to smile about. The economy is growing, employment is up, and some government reliefs and incentives have improved multiple times in the last six or seven years. But is this enough? We still linger embarrassingly at the bottom of the G8 when it comes to spending on research and development (R&D). The 0.5 per cent of GDP we allocate towards funding innovation pales in comparison to the United States’ 2.7 per cent or Germany’s target of 3 per cent. What’s more, many of the UK grants and European funding made available are too often poorly publicised. You know of Nesta and Innovate UK, but what about Horizon 2020?