Research from the National Endowment for Science, Technology and the Arts (Nesta) shows that investment in new products and ideas has fallen by £24 billion since the beginning of the recession in 2008.
The data, which comes from a survey of 1,200 UK businesses, points to a definite lull in future technologies and services that could improve the quality of life in Britain in the long-term.
Unfortunately with financial instability comes a distinct tunnel-vision attitude that causes investors to turn a blind eye to the future – an attitude that will never support long-term growth.
Geoff Mulgan, chief executive of Nesta, said: “Other countries are making investment in innovation a top priority and the UK cannot afford not to do the same.”
While countries like the U.S and China lead the world in building innovation and technology, the UK has been left far behind to pick up the pieces of its disintegrating economy.
Innovation is the key to movement and long-term growth and without it, the UK economy will continue to struggle at the same slow pace.
With dubious forecasts and an uncertain future, investors are unwilling to take the risks our economy needs to get up and running.
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