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Research and development: It's literally an investment in Scotland's future
Decades of deindustrialisation, as the UK Government bet everything on financial and professional services, hollowed out not just Scotland’s but also the north of England, Wales and Northern Ireland’s economies. Imagine a major PLC headquartered in England's south east. Management meetings include financial, production and marketing directors. Spin-outs from companies often involve teams with such skills from several companies meeting venture capitalists. This doesn’t happen in regional economies unless your region is also the size of a large nation – as is the case with California.
In addition, it is well known that the level of co-operation between Scottish businesses and universities is very low, with only a few notable exceptions. It is much lower than both the rest of the UK and other similar countries. Currently, Scotland’s private sector only spends 1.85% of GDP on R&D, lower than both the UK and OECD average, which both stand at 2%, and far behind higher productivity nations such as Belgium , Sweden and the US .
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