BRITAIN’S leading businesses are notably absent from a list of the top 100 global innovative companies.
Foreign companies Apple, Canon and Alcatel-Lucent all made the list, but pioneering UK businesses such as Arm Holdings, Rolls-Royce and BAE Systems are all missing from the Thomson Reuters Top 100 Global Innovators report.
The list is described as, “the vanguard of 21st century innovation.” However, due to its methodology – which takes the number of patents applied for, granted and applied to global markets – the UK is left trailing behind Canada.
The report recognises recent UK legislation such as the Patent Box – which reduces corporation tax on profits earned from patents and other innovations – but explains that the country has a way to go before these developments make an impact on its ranking.
“The UK government does not incent innovation like France and other nations, which impacts its ability to attract and retain large, innovative organizations,” said Thomson Reuters pointing to the $279bn spent by US businesses compared to only $24.1bn in the UK.