Is UK Manufacturing falling behind in Research and Development?
According to a new report by accounting group KPMG, Britain is falling behind its global peers in the amount it spends on research and development. Official figures showed that in 2012, UK spending on R&D was 327bn, and at 1.7% of Britain’s GDP, this is far less than the European average.
The study by KPMG went on to say that foreign ownership of UK manufacturers was limiting R&D budgets in Britain, as these companies tend to spend more of their R&D in their home countries rather than in the UK.
Of what little R&D is spent in Britain, 71% of companies spend solely in the development of existing products and services, with only 29% focusing on breakthrough innovation. Could this lack of R&D be the main issue limiting Britain’s innovation and preventing UK manufacturing being wholly competitive in global manufacturing?
The KPMG report based on a six month inquiry suggests that Britain’s national industrial culture discourages companies from investing in vital long-term business drivers such as innovation and skills development. The report goes on to call on the government to do more to create and foster a ‘pro-investment culture’ in UK manufacturing.
At Fascia Graphics® we are renowned for our innovation and product development. Our experienced R&D Engineers research the latest techniques and materials to ensure our customers receive pioneering solutions. With the constant investment in state of the art machinery in the industry; such as the Sakurai MS-80 SD, our innovative Membrane Switches, Graphic Overlays and Labels are produced to the highest possible standard. We continue to prioritise new development and ground breaking challenges.
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Fascia Graphics® Managing Director Paul Bennett was recently featured in CIE Magazine taking about the UK’s chance to become a ‘Re-Shore Nation’. Read the full article here.
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