As long as our bright minds continue to pioneer in science and tech – which I do not see stopping any time soon, the UK will keep on striving and succeeding in research and development amidst all the Brexit malarkey.
Britain was one of the founders of the industrial revolution and almost two centuries later, the country has seen a gradual shift from manufacturing to research and innovation. Today, Britain pioneers R&D in a host of different industries and more recently in Ai technology, defence and healthcare, just to name a few.
Even with all the Brexit talks, businesses in the UK continue to spend large portions of their funding and capital on R&D. According to the Office for National Statistics, R&D expenditure rose by £1.6 billion to £34.8 billion in 2017, an increase of 4.8%, which was above the long-term annual average increase of 4.1% since 1990.
The UK is still ranked 11th of all EU countries’ R&D expenditure as a percentage of GDP in 2017
The future is certainly bright for R&D in the UK. With numerous funding and award schemes available for Corporates and SMEs, the UK government (HMRC) also offers tax relief/credit for businesses that develop new processes, products and technology, which are advancements in their respective fields. Whatever the challenges we face from the outcome of Brexit, I simply advise businesses to keep on striving in R&D to create new products and solutions that will make positive changes to the world we live in today.