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Investment in manufacturing innovation grows

4 March 2010
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Investment in manufacturing innovation growsUK firms increased their investment in new ways of enhancing productivity, products and services by 9.2 per cent in 2008 compared with the previous year.

This is according to new figures from the government, which suggest that the country''s leading 1,000 businesses spent more than £26 billion in research and development (R&D) over the year.

Investment in innovation and continuous improvement exceeded average growth internationally of around seven per cent globally.

Britain''s R&D spending was driven by sectors such as banking, software and computer services, pharmaceuticals and biotechnology and aerospace and defence.

Science and Innovation Minister Lord Drayson pointed to initiatives such as the UK Innovation Investment Fund, R&D tax credits and reducing the rate of corporation tax on income from patents in 2013 as evidence of "the government''s commitment to support companies with high-growth potential".

A recent fact-finding mission was undertaken by Business Secretary Lord Mandelson to Germany in order to learn from the country''s public support for manufacturing and operations management practices.ADNFCR-3058-ID-19651197-ADNFCR
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