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EU may fall behind on innovation

Friday, June 23, 2017

Significance

More than half the total growth in output of developed countries over the past 30 years resulted from innovation, according to OECD estimates. Promoting innovation has thus become a central policy objective on the premise that it is a key ingredient for economic competitiveness in the global ‘knowledge economy'.

Impacts

  • Innovation performance at the regional level continues to diverge.
  • The United Kingdom -- one of the largest recipients of Horizon 2020 funding -- will likely lose access to EU funds after Brexit.
  • Brexit will affect recruitment and UK universities, technology firms and start-ups may become less competitive.
  • Uncertainty about UK regulation and legislation after Brexit is likely to dampen business confidence.
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