EEF, which had been closely involved in consultation on the review, believes it highlights the benefits than can be achieved from joined-up thinking between the Treasury, DTI and DfES and is a welcome recognition that it is just not production but also Research and Development that is in danger abroad if the environmehnt in the UK is not competitive.
EEF has also particularly welcomed the acknowledgement of the importance of improving the effectiveness of networks which will be highlighted in forthcoming research to be published by EEF, examining the effectiveness of current networking in UK compared with our competitors.
Further positive measures include the increased funding of knowledge transfer, the decision not to introduce legislation giving universities ownership of Intellectual Property rights along the lines of the US system and, recognition of current overemphasis on spinouts from universities.
While the increasing number of spinouts from universities is an encouraging indicator of increased innovative activity, the companies created are not always best placed to achieve sustained commercial success from the ideas they have developed.
Commenting on the outcome of the review, EEF Chief Economist Steve Radley, said:
"This is a welcome step forward in terms of joined-up thinking from government and we look forward to working with them at both the national and local level to transform our performance on innovation. We hope that the forthcoming review of definition of R&D tax credit and DTI innovation review will also help to substantially improve the environment for innovation in the UK."
ENDS