Engineering businesses recognise importance of innovation to the UK
The government set an ambitious target in the Industrial Strategy – for the UK to increase investment in R&D from 1.6% to 2.4% of GDP by 2027, which will boost the economy and put the UK at the forefront of future industries internationally.
However, at our current rate of investment, we will not reach this goal until 2059.
Despite this, it seems that businesses are aware of the importance of innovation, as we found when talking to engineers and their peers at Advanced Engineering 2019.
Watch the video below to find out more.
Why is innovation important to the UK?
Andrew: From the Henry Royce perspective, advanced materials basically has an input into every part of the UK economy. It certainly forms part of the industrial strategy challenge in terms of developing a sustainable society for the future. That is underpinned by advanced materials. And the UK has a lot of expertise in that area.
Javid: Well, I think innovation is vitally important to any advanced industrial nation, which I believe the UK is. Just look around this show.
Elaine: In terms of bringing technology into the mix, it's everywhere else. It's prevalent in how we shop. It's prevalent in our entertainment choices and things like that. And for it to be UK company and to be harnessing this technology in manufacturing, we're leading the way.
Andrew: It's about pooling those resources together and amplifying them to the benefit of UK PLC.
Philip: As a country, unfortunately, the high volume of production has really gone offshore. But what we are still best at, in this country, is innovation.
Evangelos: I think that's the purpose of all research, to have an impact into the lives of everyday people and that's what we're trying to do here.
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