I’m reading Tera Allas’ thorough study of the UK’s innovation system and the summary chart is worth flagging the following summary chart of the UK’s international competitiveness across a range of factors.

What it shows is that we’re relatively weak when it comes to funding and skills, but even in the business environment bit, the UK’s weakness is manufacturing investment in R&D.

That’s why tax reform at the Budget is absolutely critical to unlocking business investment and stimulating innovation.