Manifesto for Innovation

How to unlock productivity and growth

Cover image - Manifesto for Innovation

In the wake of the recent General Election, the spotlight on innovation has never been brighter. Despite policies and government initiatives aimed at fostering UK technological advancements, the last decade has seen flat economic growth and declining productivity. This begs the question, what needs to be done to position the UK as a leader in innovation?

The Manifesto for Innovation is Ayming’s call to action for this new Labour government to leverage innovation and unleash Britain’s potential to become a leading innovation economy.

What are our recommendations?

In the Manifesto for Innovation, Ayming’s experts set out 9 key recommendations framed around nurturing, incentivising, and rewarding innovation.

  1. Develop and launch a new Innovation Strategy
  2. Strengthen innovation skills and capabilities
  3. Expand the investor partnerships programme
  4. Focus national strategy on key priority areas
  5. Introduce an ambitious industrial strategy and decarbonisation plan
  6. Reaffirm commitment to R&D tax relief
  7. Launch accreditation for R&D tax advice providers
  8. Widen scope of ERIS (Enhanced R&D Intensive Scheme)
  9. Monitor impact of recent scheme changes on SMEs

Download the Manifesto for Innovation to understand how our recommendations will impact the UK’s innovation landscape.

For more than a decade, aspirations of making the UK the “next Silicon Valley” or an international “science superpower” have not been realised due to a lack of understanding by ministers, who have pushed policy through without the necessary data on actual R&D intensity or a comprehension of the impact on smaller businesses. What British businesses need now is a long-term strategy for growth that encompasses every phase of the innovation cycle. It is essential that the Government views each of these components as integral stages within one singular innovation process in order to see the shift required to reboot the UK’s growth.
Mark Smith, Manging Director, Ayming UK & Ireland

Time for a re-set

The formation of a new government is an opportune and overdue moment to look afresh at our national innovation strategy.

It is only three years since the launch of the current strategy setting out the ‘science superpower’ ambitions of the then Prime Minister Boris Johnson and Business Secretary Kwasi Kwateng to make the UK a global hub for innovation by 2035. The strategy’s emphasis on boosting innovation by private firms remains central – all the more so given the unrelenting pressure on public finances.

However, the fallout from the pandemic, Ukraine conflict and final Brexit agreement and ongoing economic stagnation have impacted businesses and their capacity and appetite to invest. The UK’s innovation ecosystem has also been disrupted by the uncertainties surrounding the Horizon hiatus, cross-border movement of researchers and scientists, and our unsustainable financial model for university teaching and research. Strong US and EU backing of green industries amid growing global competition and geo-political risks only reinforce the need for a fine-tuning if not revamping of our strategies for innovation and industry.

Informed by our perspective as Europe’s largest consultancy specialising in innovation funding, our recommendations are tailored to optimise strategy and support for innovation – by nurturing its ecosystem, incentivising investment decisions, and rewarding ongoing R&D.

Each phase is essential in the re-set required of the new Labour government to ensure national innovation strategy is fit for the purpose of accelerating economic transformation, kickstarting sustained productivity growth, and meeting the societal challenges facing the UK in the 21st century.

Download your copy of the Manifesto for Innovation today!