A new Government sponsored Science and Innovation Audit (SIA) has revealed that the South of England - Innovation South, is the backbone of the UK's digital economy. Stretching from Dorset to Kent and from Berkshire to the Isle of Wight, Innovation South covers eight counties across southern England, with a total economic output of £225.3 billion, accounting for 13.7% of UK's economic output.
The audit report released by the Department for Business, Energy, and Industrial Strategy (BEIS), presented evidence to illustrate that the Innovation South area is at the forefront of advances in digital innovations across a wide range of industrial sectors that can transform and improve our daily lives - from augmented reality devices which help train surgeons doing knee replacements to robotic submarines that are helping to combat global warming; from driverless shuttle buses to some of the fastest growing creative digital communities.
SIA demonstrates that Innovation South stands out in the UK for its expertise across a range of digital enabling technologies, including 5G, Cyber security, Big Data, Photonics and Quantum. The region's strengths in digital enabling technologies, are commercially applied across four sectors, which include Connected Digital, Marine and Maritime, Bioscience and Advanced Engineering. The result is a high growth, high value and a highly successful knowledge-based regional economy, with outstanding potential for further innovation and growth - if all assets are successfully integrated.
Innovation South is a national asset, attracting many global corporations to locate their UK and European headquarters. The economic area has the largest share of foreign direct investment projects in the UK, outside of London, with a robust export performance supported by strong links to London and international markets via Channel Tunnel in Kent, Heathrow, Gatwick and Southampton airports, as well as the Port of Southampton. The audit recommends that sustaining the success of Innovation South, and driving its innovation-led productivity even further, is critical to the success of the UK's digital economy and the nation's competiveness in global markets
Business Minister Lord Prior said:
"The Science and Innovation Audits we are publishing today highlight the innovative strengths in regions across the UK and the significant growth and investment opportunities they present. Together with our record investment of an additional £4.7 billion for research and development to 2020/21, we are working closely with regional businesses and partners to ensure the ambitions set out in these reports are delivered to maintain our status as a science powerhouse."
Jonathan Sharrock, Coast to Capital Chief Executive, said:
"We are thrilled to be part of the Science and Innovation Audit which has identified key strengths of the region including the development of world-class technologies, products and services which put the Coast to Capital area at the forefront of the digital economy. We strongly support innovation and look forward continuing to work with partners on this project which will provide the opportunity for our businesses and universities to build strong networks across science and innovation sectors."
Innovation South is one of eight science and innovation audits across the UK. They have been commissioned by BEIS to help inform government's investment decisions based on established areas of regional strengths that may stimulate productivity and economic growth. The SIA report from Innovation South can be downloaded online here. Summary SIA reports from Innovation South and other parts of the UK can be accessed here.
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