September 11th – Research, innovation and commercialisation of knowledge based products and services are key to British industrial future, Vince Cable [Secretary of State for Business, Innovation and Skills (BIS)] has said. Rest
Britain’s technology scene has remained vibrant in the midst of a global recession. Even when there was an unavoidable sense that the road to future stability and growth looked set to be rather more turbulent than had at first seemed the case – this sector surged forward and continued to keep its sights set on gold.
In 2008, with the onset of the banking crisis, it seemed that an extended period of global recession was on the cards. What was not apparent at that stage, however, was the extent to which national economies in Europe and globally would need to fundamentally restructure and reinvent themselves to weather the storm and lead the way to growth.
A 2011 report from The Work Foundation highlighted the importance of the “knowledge economy” to Britain’s future economic prosperity, indicating that the business services, technology, pharmaceutical and creative industries have “driven UK growth for the last 40 years, contributing 66 per cent of all growth since 1970 and 7.3m new jobs since 19781.” Rest