Innovation Policy of the United Kingdom

The United Kingdom gives a great importance to innovation policy. Its aim is to raise the efficiency of production process and delivery of services. The state has adopted several measures to support technological advances and adoption of modern management styles by small and medium enterprises leading to high sustainable economic growth and high employment. My bachelor thesis is focused on the British innovation system and its impact on the economic development of the state. I present an overview of documents issued by the government with the aim of promoting innovative processes by creating appropriate policy, using public procurement of innovative solutions and delivering more effective public service. Furthermore, there is a comparison of the innovation activity of the United Kingdom with other nations. Finally, I consider the impact of innovation activities on the country's balance of payments.