When it comes to innovation, UK is patently lagging behind
UK companies have failed to muster a single entry in the world’s top 100 global innovators based on patent filings, a report out today reveals.
It is the second year running that no British company has managed to break onto the list, published by Thomson Reuters. It stands in stark contrast to France, which contributed more names than any other European nation.
The list is based on the number of patents filed, the number granted, how far-reaching they are and how often they are cited by other companies in their inventions.
The report makes clear that the UK’s pitiful record on R&D spending is a major part of the reason, but also cites the heavy reliance on financial services, which meant Britain was hit by the financial crisis far worse than most of its global competitors.
It says the UK’s failure “is underscored by the low R&D investment as a percentage of GDP in that region. The UK was the lowest of the US, Japan and France in R&D spend through 2010”.
The report adds: “The trend is also reflective of the evolution of the UK economy away from manufacturing and toward a more service-sector orientation, with a heavy reliance on financial businesses.”
The government has sought to target the issue through, for example, the Patent Box legislation earlier this year, which should slash the corporate tax rate on income derived from UK patented technologies.
But it won’t be fully phased in until 2017 and the report says: “Whether or not that step will have a significant impact on overall patent activity in the UK will take several years to find out.”
France’s success is put down to “the country’s R&D investment” which, at almost $50bn, (£31bn) is more than $10bn greater than in the UK.
The study says intense competition in the smartphone market has been a major driver for innovation with Apple, Microsoft, Samsung and Google all featuring.
Despite its recent troubles. BlackBerry also makes its debut, driven by a 38 per cent surge in patent filings between 2010 and 2011, and 17 percent growth in patent filings between 2011 and 2012.
The US has 45 entries, Asia 32 and Europe 22. China is absent – while it leads the world in patent volume, most are only filed domestically.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...