Businesses in the UK are coming up with more ideas and products than ever before, according to official statistics from the Department for Business, Innovation and Skills (BIS).
Research, based on a survey of almost 30,000 employers between 2012-14, reveals that some 53 per cent of UK businesses are actively engaging in developing and introducing new products and ways of making them.
Firms are also creating new services and ways of doing business, increasing by eight per cent in two years alone.
Such figures come following a national innovation plan by business secretary Sajid Javid, who stated he wanted to make the country a world leader in new ideas and innovation, which would help to drive up competition, create jobs and provide new and improved products and services.
Almost two-thirds of businesses in the Yorkshire and Humber were engaged in innovation in the region, leading the UK for innovative business.
At 57 per cent, the East Midlands was also found to be well above the UK average. The West Midlands saw one of the largest increases in business led innovation, up 12 per cent over two years.
BIS has also shows how important innovation is to global business success, with 28 per cent of businesses exporting abroad, bringing new British products such as medical scanner charges, to an international market.
This compares to only ten per cent of non-innovating businesses.
“These figures show that businesses throughout the UK are already leading the way, delivering exciting opportunities across the nation,” said Mr Javid.
“The number of companies innovating and coming up with new, dynamic ideas is on the rise – up eight percentage points between 2012 and 2014, with over half of businesses now developing new products and services, some with the potential to revolutionise their industries.”
Posted by Jon Aspinell on 25th March 2016
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