Paul Davies, head of policy at the Institution of Engineering & Technology (IET) in the UK has praised the British Government’s Chancellor of the Exchequer, George Osborne, for announcing in his autumn statement measures to support innovation.

According to Mr Davies, while the Government’s extra finance will help lead the next generation of technologies – such as printable electronics, robotics and carbon fibre composites – a long-term package of support is needed.

The IET believes that the next Government (there’s a General Election in the UK in May 2015) will need to act in five different areas in order to achieve ‘innovation success’ between 2015 and 2020. It will need to create a stable and supportive business environment, increase innovation investment support, improve home-grown skills, enable more small-to-medium-sized businesses to access and exploit available resources and investment in innovation and encourage Government departments to work together to support innovation.