BREAKING: new ONS data show why neoliberalism doesn’t work, and George Osborne always gives a false account of Britain’s progress

25 Mar

The Slog.

ukinvestdownSame old same old UK….too short-term, not enough investment

This might seem a bit anorak of me, but it is really important…even if it does lag behind what’s happening by two years – for some reason. It concerns the UK’s commitment in business and industry to research and development (R&D) compared to the rest of Europe. It is, if you like, a measure of whether Britain’s private sector is in take-the-money-and-run mode, or genuinely thinking of the way to create usp products in the longer term.

The latest ONS report on it is out today. It covers the 2012 period – but it follows a trend that has been around to one extent or another since the Thatcher/Reagan years.

In 2012, the UK’s gross domestic expenditure on research and development, adjusted for inflation, decreased by 3% compared to 2011.

That decrease was from a base of just 1.77% of Gross…

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