SMEs are losing ground to larger UK firms in terms of innovation. This is one of the key messages in new innovation data recently published by the Department for Business, Energy and Industrial Strategy (BEIS). The data taken from the UK Innovation Survey (UKIS 2017) provides the first robust benchmark for levels of business innovation… Read more
ONS figures published this week suggest that the UK spent 1.67 per cent of GDP on R&D in 2016 ranking the UK 11th in the EU. These latest figures put the UK well adrift of the ambitious target of 2.4 per cent R&D spending spelt out in the Industrial Strategy. So, is the 2.4 per… Read more
As the tortuously complex process of the UK’s departure from the EU takes another twist, Britain’s economy presents us with a deceptively simple conundrum. Yes, we have had record headline jobs growth in recent years coupled with falling unemployment. There are, however, widespread concerns about the quality of those jobs caused by the growing ‘gig… Read more
Innovate UK recently launched a new loan scheme to support research and innovation in UK firms. This scheme – originally conceived in the austerity years – aims to provide an alternative way of supporting innovation alongside the UK’s innovation grants and tax credits. The new loans also suggest a subtle change in emphasis in UK… Read more
The latest round of Brexit negotiations got off to a predictably bumpy start in the first few weeks after the summer break. Despite suggestions that Theresa May will use a speech in the Italian city of Florence this week to attempt to break the deadlock over the size of the so-called “divorce bill” of future… Read more
In the aftermath of the EU referendum, there is an even greater focus on the performance of the private sector and its ability to provide jobs and wealth creating opportunities across all parts of the UK – especially at the local level – as the UK prepares for Brexit. ERC Deputy Director Mark Hart author… Read more
Innovation policy: Driving equity or driving inequality? The need to boost levels of innovation in the UK is at the heart of the recent Green Paper on Industrial Strategy, and few would argue with the general proposition that innovation is good for growth. New products, new services and new ways of doing business help firms… Read more
When Philip Hammond, the Chancellor, stood up to present the Autumn Statement he had a problem and a plan. The problem combined the hit on growth from Brexit, stubbornly low productivity and stretched public finances. The plan focuses on investing to boost productivity. So where do small firms fit in? Well – unlike many recent… Read more
As he stood at the Dispatch Box on November 23rd, Chancellor Philip Hammond laid bare to Parliament a problem that has been vexing economists since the 2008 crash. The UK, he intoned, has a truly dreadful productivity rate. To illustrate the point, he told MPs gathered for the Autumn Statement that the average UK worker… Read more
Donald Trump’s victory in the presidential election could have consequences for the thousands of UK small and medium-sized businesses, especially as the US is the UK’s biggest export destination. During the campaign Trump made some remarks he may regret come January, but the general policy stance in terms of trade and industry is relatively clear:… Read more
