The UK policy of innovations has been very encouraging since the conservative government came to power in 1979. In the 1980s, UK government actively embarked on the policies to develop R & D and the growth of British companies. In the 1980s, the British government granted Nissan the total amount of ? 112million for its plant in Sunderland, Toyota also received almost ? 75million for the development of its plant in Derby.
Other companies that received grant from British government were Ford, who got the total amount of ? 80million in the 1990s. Additionally, Lucky Gold was given the grant worth 248million in 1998 for its engine plant in South Wales. (Peter, Susan. 2003. P. 17). Thus, the stance of innovation policies the British government took from 1979 took a fruitful reward in 90s because UK became the second largest recipient of foreign investment in the world.(Peter, Susan.
2003. P. 17) in 1990s. The 2007 UK innovation chart below shows that UK has become one of the innovation leaders in Europe, its overall performance is above EU average in its performances on Innovation and Entrepreneurship. Additionally, its performance is relatively average in Intellectual property but below average in intellectual average output. The data in Table 1 shows 15 indicators with full data of US and EU innovation performances.The data shows that EU scores above the US in 4 indicators while US performs than the EU in 11. The (S&E graduates, employment in medium-high and high-tech manufacturing, community trademarks and community designs) are the indicators where EU performs better than US.
Although the US is leading in 11 indicators, on 9 of these indicators the US is outperformed by at least one European country. Only in tertiary education and USPTO patents the US is performing better than any European country. (PRO INNO EUROPE)