The last 18 months have not been easy for businesses as mounting fears over the fallout from Brexit have led to investment delays and economic stagnation.
Despite this the latest government figures for gross domestic spending on research and development (R&D) tell a not altogether gloomy tale.
Spending on R&D actually rose by £1.6 billion to a record high of £34.8 billion in 2017, an increase of 4.8%, which was well above the long-term average of 4.1%. It was also a higher increase than in 2016 when spending grew by 4.3% to £33.1 billion.
So far, so good.
However, a closer look at the figures shows foreign funding has been steadily draining away for the past three years. It cannot be a coincidence that this timing aligns with the most politically unstable period Britain has experienced in years.
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