This report argues for better metrics to measure innovation in the UK.
- Compared to other developed economies in the global market, the UK underperforms on traditional innovation indicators.
- The UK's research and development spending is low, particularly on investments in science and technology, and we lag behind on patenting.
- However, the UK's financial services invest heavily in innovation, like developing new products and services and strong service sectors like the creative industries and retailing.
This report breaks down the myth of the 'Innovation gap' in the UK and calls for better metrics to measure innovation not caught in traditional measurements.
The Innovation Gap suggests that the real innovation gap lies not between the UK and its competitors but between the reality of innovation and how we measure it.