The UK economy has experienced a "lost decade" of innovation, according to an independent research fund Monday.
Investment in new products and ideas has fallen by 24 billion pounds since the recession hit in 2008 and has not recovered, the report by Nesta (National Endowment for Science, Technology and the Arts) found.
The charity said the study showed that businesses had a "crisis of confidence in the 2000s, prioritising cash and concrete over investment in innovation".
It also highlighted a "deep-rooted crisis" in innovation investment. After rising steadily from 1990 to 2000, investment fell by 7% (7.4 billion pounds) between 2008 and 2009, according to Nesta's Innovation Index, compiled following a survey of 1,200 businesses.
It then dropped a further 14% (17bn) from 2009 to 2011. Calling on the Government to take action, Geoff Mulgan, Nesta's chief executive, said: "Everyone agrees that innovation is the only route to long term growth.
Read more: Recession "has hit UK innovation" - middle east north africa financial network - MENAFN
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