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
A well-established manufacturing organisation, based in Thanet, Kent, is looking for an IT Manager to join a team of ...
The Ashdown Group has been engaged by a growing online retailer to assist them in their search for a Copywriter and E...
£28,000 per annum
A well-established eCommerce business based in Central London is currently recruiting for a Web Administrator with sp...
A global food group are seeking a Leasing Assistant to join their team. Reporting to the Country Director, it will be...
Senior Compliance Consultant
A market leading private equity and fund administration firm is seeking a Senior Compliance Consultant to help manage...
Graduate Procurement Assistant
The Ashdown Group has been engaged by a successful international specialist FMCG food group who are looking for a Gra...
What to look for in the perfect application
There are few things more detrimental to a company than making the wrong hire for a critical role. A recent study by ...
How can you make your workplace more attractive to top talent?
Businesses are facing a challenge in trying to attract top talent to their workforces in the current economic climate...
Skills gap ‘costing UK businesses £2 billion a year’
The skills gap is costing UK businesses more than £2 billion a year in higher salaries, temporary staff and recruitme...
UK businesses ‘making bad hires in two-fifths of roles’
UK businesses are failing to hire the right person for two out of every five vacancies, a new report from the Recruit...
Should you be using social media in your recruitment strategy?
It has evolved into a particularly useful tool for companies looking to attract younger, tech-savvy candidates. Howev...
Business responds to Queen’s Speech
This year’s Queen’s Speech follows a tumultuous period in British politics, with Article 50 being triggered and a sna...