The UK provides the best possible environment for innovation to succeed, as Dominic Jermey, Acting Chief Executive UK Trade & Investment, explains
As Acting Chief Executive of UK Trade & Investment (UKTI), I am delighted to provide this foreword for Innovation UK. In the UK, we have built the best possible environment for innovation to succeed. For example, it is no coincidence that we hold the position of top recipient of research and development-based investment in Europe by a significant margin. In the UK, R&D is booming ? investment by UK firms has risen by 9% to a total of £21bn since 2005.
Our longstanding traditions in the sciences, technology and research and development, have brought a wellearned reputation for invention and discovery. The UK has a business climate to attract individuals and companies at the leading edge of their sectors and which can go on to achieve a wider global impact.
In life sciences, and other R&D-intensive industries, companies are taking advantage of the UK?s business and regulatory environment to bring new technologies to market. The government is also committed to bringing down trade barriers and delivering support to firms bringing renewable energy sources to market.
Companies need outstanding support networks if they are to compete and grow internationally and the UK has well-established clusters of technology and expertise that are truly world class. At UKTI, we are looking to the future and working ? with our partners in academia, business, industry and across government ? on strategies to showcase the capabilities of the UK in the key sectors we have identified. These sectors are: creative industries, information and communications technologies, life sciences, energy technologies, low carbon, advanced engineering, financial services and defence & security.
Today?s achievements are underpinned by continuing investment in facilities services and infrastructure. In summer 2008, the government announced new investment in the development of cutting-edge research facilities that will help retain existing talent and attract some of the world?s best scientists to the UK. The funding will enable the UK?s Research Councils to build new infrastructure and redevelop existing facilities and provide worldleading research environments. The UK?s universities are acclaimed for their academic and innovative excellence and are key to the UK?s R&D excellence. They are also leading participants in many European programmes.
UK tax credits and capital allowances are generous. The R&D tax credit works by allowing companies to deduct up to 175% of qualifying expenditure on R&D activities when calculating their profit for tax purposes. Companies that are SMEs can, in certain circumstances, surrender this tax relief to claim payable tax credits in cash from the HM Revenue & Customs.
The UK is already a unique, multicultural and entrepreneurial economy that is confident, ambitious and creative. It is at the hub of international business and a ?springboard for global growth?, which offers the right business environment in which and from which, companies can prosper and grow.
The government is also committed it to making the UK one of the most attractive places in the world for internationally mobile R&D businesses, in recognition of the increasing internationalisation of R&D. As successful businesses underpin wealth creation, so R&D expertise will underpin successful and innovative knowledge-driven, technology-based businesses.
For more information, visit: www.uktradeinvest.gov.uk
Added the 21 August 2009 in category Innovation UK Vol5-1