A description of some factors affecting technological innovation in industry in the United Kingdom and some remedies to improve the climate

The change of innovation and its successful implementation at the industrial levels are important features of economic development and, therefore, are of great significance for the future of industries. This paper concentrates on the analysis of the past performance of industries in the U.K., which has shown a decline in technological innovation and international trade when compared to other industrial countries. The first section of the paper considers the channels for exploration of new technology with the aid of established companies, new companies and the public sector. The second half of the paper considers the factors affecting technological innovation such as economic conditions, size of market, sources of finance, patents and licensing. The paper concludes with several suggested recommendations for policy changes to improve directly or indirectly the incentives for technological innovation in the industries of the U.K.