R&D activity is a key benchmark of economic competitiveness.
Although this Scoreboard records company spending on R&D in 2008 – before the worst of the global economic downturn – it remains an important tool for tracking commercial investment over time.
2008 saw an encouraging increase of 9.2% in UK investment against the previous year – and strong comparative growth in R&D, second only to Switzerland.
While we await future data to assess the full impact of the downturn, Government has been doing all it can to help innovative companies like those featured in this report. We increased the amount of relief available under the R&D tax credit scheme.
We are introducing a reduced rate of corporation tax on income from patents from April 2013.
And the UK Innovation Investment Fund will shortly begin to invest its first £325 million in firms with growth potential in digital and life sciences, clean technology and advanced manufacturing.
market opportunities are now emerging. Those companies able to sustain their R&D commitments during the recession should be best placed to benefit, but it is in the clear interests of many more businesses to exploit the UK’s outstanding science base and supportive environment for innovation.