Yet, fundamentally we aren’t even close to realising our potential. We have a self-imposed target of raising R&D spending to 2.4% of GDP. We’re currently doing about 1.7%, so there’s a way to go. The CBI has calculated that we won’t hit that goal until 2053 if we continue as we are.
5th place is good but imagine if we were hitting those goals. The government needs to nurture these innovators by providing the guidance on how best to navigate the financial support.