UK businesses report boost in innovation
More UK businesses than ever before are coming up with new ideas and products, according to official statistics.
The statistics, based on a survey of almost 30,000 employers between 2012 to 2014, show over half (53%) of UK businesses are actively engaging in developing and introducing new products and ways of making them, as well as new services and ways of doing business. Up 8% in 2 years alone.
The positive figures come after Business Secretary Sajid Javid set out his goal to make the UK a world leader in new ideas and innovation – helping to drive up competition, creating jobs and providing new and improved products and services – with a new national innovation plan.
Yorkshire and the Humber leads the UK for innovative businesses, with almost two-thirds of businesses engaged in innovation in the region.
The East Midlands is also well above the UK average at 57%, and the West Midlands has seen one of the largest increases in business led innovation, up 12 percentage points over 2 years.
The figures also show how important innovation is to global business success. 28% of innovative businesses were exporting abroad; bringing new British products like advanced medical scanners chargers to an international market. That compares to only 10% of non-innovating businesses. ■