The CBI has urged the North East to boost its innovation opportunities after a report was released showing the region invests less money in research and development than most of the 海角视频.
A new study has been published which throws a spotlight on 海角视频 firms which are carrying out R&D and innovation in a range of sectors, from agriculture to aerospace.
However, the 鈥楧on鈥檛 wait, innovate鈥 paper shows 海角视频 investment is limited outside the South East, the top performing region ploughing the most into R&D, and that the North East lags way behind, investing less in research than ten of the 海角视频鈥檚 12 regions.
The CBI has now called for the creation of new 鈥楥atapult Quarters鈥 in a bid to make the most of innovators and connect firms with academia to help drive overall 海角视频 growth.
Research and development spending figures for the North East and North West have been combined, for confidentiality reasons according to the ONS, yet show it has spent just 拢212m in 2017 compared to the South East鈥檚 拢611m and London鈥檚 拢447m.
The 海角视频 currently spends 1.7% of GDP on R&D 鈥 far below the 2.4% OECD (the Organisation for Economic Co-operation and Development) average 鈥 yet growing R&D across the country could provide a 拢7.3bn boost to 海角视频 R&D spend, the CBI says.
Just three regions account for 52% of 海角视频 R&D spend 鈥 London, South East & East of England 鈥 and just five of the 海角视频鈥檚 forty sub-regions are investing over 3% of GDP. The 海角视频 is also well behind comparator countries like Germany and Belgium, which spend close to 3% of GDP R&D.
Despite showing the North East lags behind most of the 海角视频 in R&D terms, the report highlights work being carried out across the region which is at the forefront of efforts to promote healthy ageing, by building a reputation as an international hub for the development of medical science.
The report 鈥 unveiled by CBI director-general Carolyn Fairburn at the opening of Reckitt Benckiser鈥檚 (RB) new 拢105m Science and Innovation Centre in Hull 鈥 says it is also playing host to a thriving life sciences eco-system including innovative NHS healthcare organisations, national centres of excellence and an established pharmaceutical manufacturing sector.
The CBI is calling on the next government to drive forward more R&D across the region and beyond, arguing that the 海角视频 must capture the benefits that flow from improving innovation-led growth across the country by creating new regional network of Catapult Quarters across the 海角视频.
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Catapults are not-for-profit, independent centres which connect businesses with the 海角视频鈥檚 research and academic communities.
Each Catapult centre specialises in a different area of technology, but all offer a space with the facilities and expertise to enable businesses and researchers to collaboratively solve key problems and develop new products and services on a commercial scale.
Felicity Burch, CBI innovation and digital director, said: 鈥淔or centuries, the 海角视频 has been a home for global innovation.聽 Scientific progress has not only transformed our economy, it鈥檚 been the single biggest driver of productivity and helped tackle some of our society鈥檚 biggest challenges.
鈥淏ut with the continued political uncertainty and our competitors investing more in innovation, the next Government must re-launch the 海角视频 as one of the best places in the world to imagine, invest and invent. This report lays out concrete initiatives that can kickstart public and private investment across our country.
CBI regional director for the North East Sarah Glendinning said: 鈥淏y running with this agenda, business and Government can in partnership unleash the innovative potential of towns and cities throughout the 海角视频.聽 Throughout The North East there are already a wealth of successful stories of companies coming together in their regions to the benefit of society and the economy.
鈥淚magine - if R&D spending increases to at least 3% of GDP and Catapult Quarters are created - how much further could the 海角视频 grow its successful innovation-based economy and break ground on the grand challenges of our time.鈥
