All economic development initiatives face an uphill challenge if the underlying macro conditions aren't right.
The solution for the UK, the EU and Canada is simple but politically anathema: cut taxes
A 2018 study shows tax increases significantly reduce innovation. A 1% increase in the top marginal income tax rate leads to a 2% reduction in patents and inventors, while a similar increase in corporate taxes causes even larger declines.
The solution for the UK, the EU and Canada is simple but politically anathema: cut taxes
A 2018 study shows tax increases significantly reduce innovation. A 1% increase in the top marginal income tax rate leads to a 2% reduction in patents and inventors, while a similar increase in corporate taxes causes even larger declines.
The study is quite rigorous too:
https://www.maximum-progress.com/p/tax-cuts-and-innovation?r...