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UK engineering research leads the world in productivity'

engineering

A report from the Royal Academy of Engineering and the Engineering and Physical Sciences Research Council has calculated that the UK's engineering sector is responsible for £280bn of the country's gross value added - a fifth of the UK's total - with output having rebounded above pre-financial crisis levels. Exports of goods and services related to the sector were valued at £239bn in 2011, 48% of the year's total. The study concluded that despite activity levels being just half the global average, engineering research in the UK is the world leader in productivity and second in terms of technical excellence. Businesses invest about £9.5bn on engineering research and development in the UK each year, of which 4% comes from SMEs. The Government also spends about £1.5bn to £3.1bn.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

 

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