The UK’s innovation landscape has been steadily maturing since the launch of the R&D scheme more than two decades ago. But after a challenging few years, innovation teams face new obstacles as economic turbulence undermines already-squeezed budgets. And adding to the pressure, the announcements made in the Chancellor’s Autumn Statement 2022 risk seriously derailing the R&D scheme’s steady momentum.
To maintain and grow the UK’s innovation landscape, greater support is needed across the board – not cuts to existing funding. The Government’s ambition for the UK to become a science superpower is achievable in the abstract, but in order for it to become a realistic goal, reforms to the current system are urgently required.
Ayming’s inaugural UK Innovation Barometer examines the current state of the UK’s innovation landscape, as well as considers the various reforms that have the potential to influence businesses operating across the technology, manufacturing, food & beverage, construction, financial services, and pharmaceutical industries.
In November 2022, Ayming conducted a survey of 200 senior innovation, finance, tax, and CEOs/MDs in the UK. Survey respondents are all at CXO, director or head of department level, and evenly split across SMEs (companies with 250 employees or fewer) and larger companies.
All businesses across these sectors are currently seeking ways to become greener, for which innovation is critical. But with such little emphasis placed on the role of green R&D, it begs the question of how sustainability will become embedded into the innovation process.
In order to stimulate greater innovation across the UK’s landscape and compete at the highest level globally, the Government must adopt a coordinated approach that addresses innovation, productivity and sustainability together.
Among its many findings, the Innovation Barometer highlights:
- There is an exodus of R&D activity from the UK
- The UK must create a more competitive R&D environment
- Innovation budgets are up, and due to increase further
- HMRC fraud clampdown is causing problems for companies
- ARIA is seen as critical to the future of UK innovation
- There is overwhelming support for a new green R&D tax credit
- And many more insights
To discover the insights in full, click the button to download Ayming’s UK Innovation Barometer.