Adam Smith Inst - Open Britain's doors to the world's innovators
Dr. Madsen Pirie calls on UK government to revolutionise its approach to innovation
- Britain must be at forefront of world innovation to secure future economic growth.
- Doubling number of visas available for those of exceptional talent will show UK is open to global talent.
- An Innovations Database that allows innovators to safely publicise instead of going through a lengthy and expensive patent process.
- UK should give more prominent awards to inventors and business people to boost profile of innovators.
Britain should double the number of visas on offer to innovators, streamline patent registration and give more prominent national honours to inventors, says a new report from the think tank the Adam Smith Institute that raises proposals to make Britain more open to innovation and entrepreneurship.
The paper argues that Britain needs to expand the current Tier 1 visa that allows people of exceptional talent from outside the European Economic Area to come to the country. The present scheme allows 500 innovators to apply for a visa in the spring and autumn of each year. By increasing the number by a further 1000 visas the United Kingdom would enhance its reputation as a country that is open to youth and talent.
Dr. Pirie, founder of the free market Adam Smith Institute, suggests that the UK should emphasise its openness to global talent with this expansion and promote the places at universities, companies and embassies across the world. This, he suggests, would help show Britain ‘welcomes and rewards innovators’ that want to move to the country and make it easier to employers to access global talent.
Elsewhere the paper suggests giving further national recognition to innovators, combining innovation awards with the annual honours system to give prominence to inventors. This would help build a national recognition of entrepreneurship and encourage more people to enter the fields where Britain is at the cutting edge of research and business.
A register of new innovations that gave limited protections to innovators’ ownership of their ideas before going through the patent application process would allow innovators to publicize their idea without fear of it being stolen and avoiding the lengthy and costly patent process. This would, Dr. Pirie argues, greatly speed up the development and cross-fertilisation of new ideas and help Britain tackle its productivity crisis.
By opening the door to the innovators of the world, and seeing that their contributions are recorded and rewarded, the United Kingdom can encourage a ‘race to the top’ and ensure that ‘innovators feel their contributions are valued and they themselves are honoured’, the paper says.
Notes to editors:
For further comments or to arrange an interview, contact Matt Kilcoyne, Head of Communications, email@example.com | 07584 778207.
The report Advancing Innovation?’’ is available here
Latest News from
IFG - Ministers are undermining their own efforts to increase private investment in infrastructure18/01/2018 09:35:00
Ministers are hampering progress towards their own objective of increasing private investment in UK infrastructure at a good price, a new report finds.
NIESR: Head of UK Macroeconomic Forecasting reacts to the latest CPI inflation data17/01/2018 12:05:00
NIESR’s Head of UK macroeconomic forecasting, Amit Kara said: “CPI inflation eased to 3.0 per cent over the 12 month period to December from 3.1 per cent in November. We think that inflation has now peaked and will gradually drop back towards the 2% target, provided that monetary policy is set appropriately.
JRF - Problem debts: Households in poverty face a difficult 201816/01/2018 14:35:00
Helen Barnard, Head of Analysis at the independent Joseph Rowntree Foundation, responded to the IFS report on problem debt and low-income households
IPPR - Carbon budgets should be devolved so regions can lead UK in realising economic benefits of decarbonisation16/01/2018 13:35:00
IPPR sets out a plan for empowering regions to deliver a national decarbonisation ‘mission’
IFS - Most household debt looks manageable – but a quarter of very low-income households have high debt repayments or are behind on bills or repayments16/01/2018 12:35:00
The size of overall unsecured household debt tells us little about how much ‘problem debt’ there is. Over 60% of unsecured debt is held by households with above-average incomes, and more than half of households with unsecured debts have more than enough financial assets to pay them off.