Wednesday 8 April 2020

Innovation in UK’s utilities sector slumps to 11%, lowest since credit crunch

Innovation in UK’s utilities sector slumps to 11%, lowest since credit crunch

Innovation in the utilities sector has hit a slump, with research and development registering an 11% decline in the last two years.

According to data released by the Department for Business, Energy and Industrial Strategy (BEIS), the share of companies said to be ‘actively innovating’ has declined from 43% to 32%.

Companies have cited costs along with a lack of qualified personnel and the Brexit referendum as reasons for the drop in innovation.

Bigger businesses have come out on top in terms of innovation compared to small and medium-sized enterprises, according to the latest BEIS report covering the period 2016-2018.

Mark Tighe, Chief Executive at Catax, said: “It’s a concern that companies are investing less in innovation at a time when Britain needs to be making the most of its new-found freedom post-Brexit.”

He added that research and development is the ‘secret ingredient’ that will help boost businesses during this time.

Written by

Bruna Pinhoni

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