PwC issues warning over innovation to British companies

Friday 20 September 2013

Manufacturing output rose in March

The UK's economic recovery, future growth and competitiveness could be jeopardised unless there is a clear focus on innovation, it has been claimed.

In a new report, entitled 'Breakthrough Innovation and Growth', PricewaterhouseCoopers (PwC) revealed how just 32 per cent of UK businesses surveyed said innovation is 'very important' to their success.

This compared to 46 per cent of German firms, 56 per cent of Chinese companies and a global average of 43 per cent.

David Percival, partner at PwC, said that from medical diagnostics to aviation, whole industries have been "turned upside down" by innovation.

"Domestic and foreign competitors will soon crowd into the markets of less innovative companies," he stated. "Those standing still will find themselves washed away in the new wave of growth.”

David van Oss, partner at PwC, commented that the UK has long had "a schizophrenic relationship" with innovation and innovators.

"We’re proud of our creativity and scientific expertise, but at the same time we’re often left behind when it comes to the graft of making new products that people want to buy," he claimed.

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Posted by Jenny Arthur