THE UK has undergone a “lost decade” of investment into innovation, instead piling into “cash and concrete”, said charity Nesta today.
Between 2008 and 2011 innovation investment collapsed by over £24bn, according to their survey of 1,200 businesses – a fall equivalent to five times the government’s budget for science and technology research.
This was made up of a seven per cent fall between 2008 and 2009, and a further 14 per cent collapse between 2009 and 2011.
“Everyone agrees that innovation is the only route to long term growth,” claimed Geoff Mulgan, chief executive of Nesta.
“The concern is that today’s report and investment index show that investment didn’t just fall during the immediate aftermath of the financial crisis, but continued falling as the economy appeared to stabilise,” Mulgan warned.
Nesta believe that more innovation is necessary for continued sustainable growth, arguing for the implementation of its “Plan I”, which aims at innovation led growth, and whose details they will release over the coming months.