The Great Debate UK

Pre-budget report should support business innovation

-Danny Wootton is UK Innovation Director at Logica. He will participate in a Reuters pre-budget live blog on Dec. 9, at 12 p.m. British time. The opinions expressed are his own. -

The importance of innovation to PLCs and individual companies while the economy is in recession is relatively well understood. Recent research has shown that innovation funding has either remained protected or increased through this period.

However, teams have been pushed to meet their year and half-end sales targets, often at the expense of completing innovation projects and reaping the benefits.  This is causing concern that businesses might lose sight of the bigger picture – the long-term advances that will really stimulate economic growth.

I’d like to see Chancellor Alistair Darling appreciate this notion by announcing means to help support and foster innovation in organisations of all sizes in his pre-budget report next week, plus recognising that innovation isn’t just about research and development, it’s about actually realising an economic, social or environment benefit from the idea.