Spending on innovation grows in UK
14th November 2007
A report from the Department for Innovation, Universities and Skills has stated that the leading companies within the UK companies spent almost £21 million on research and development (R&D) in 2006, a rise of 9% .
Pharmaceutical companies are the largest investors in R&D, with the fastest growth (54%) within fixed-line telecoms.
Spending on R&D across the world continues to be dominated by just five countries - the USA, Japan, Germany, France and the UK - who contribute to 81% of the R&D done by the top 1250 global firms.
Ian Pearson, Science and Innovation Minister stated "Innovation will be a key driver of UK prosperity in the decades ahead. Without it, our industries won't be able to compete with the growing economic powers of East Asia"
A new package of support for technology and innovation in businesses is being provided by the Government, with funding of £1 million being provided to support the technology strategy board over the next 3 years. The Government's science and innovation strategy is expected in early 2008.
>> More