UK standards contribute £2.5 billion per year to the economy |
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Published
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Tue, 21 Jun 2005 03:35
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A new study published by the Department of Trade and Industry (DTI) and the British Standards Institution (BSI), says that the UK standards contribute £2.5 billion per year to the UK economy. This is the first time that such a value has been put on the standards and it only serves to underline their contribution towards productivity, growth and innovation.
This survey was conducted to disprove the myth that standards are a burden on the business and that they take out the edge out of healthy competition. Some of the highlights of the study are:
* The annual contribution of standards to the UK economy is £2.5 billion
* Almost 13 percent of the growth in labour productivity is attributed to the role of standards
* Standards enhance innovation and facilitate technological change
* The economic return from investment in standards makes sound business sense at both a macro and micro-economic level.
| A research team from the University of Surrey, Nottingham University Business School and the Fraunhofer Institute developed this report for Systems and Innovation Research, Germany. Commenting on the findings of the survey, Lord Sainsbury, Minister for Science and Innovation said, "Industry standards, which spread best practice, are essential for business efficiency and gaining the competitive edge.
Standards are the foundation on which UK business builds success, innovates and increases productivity. They are at the heart of the drive for excellence. This research shows standards make a significant contribution to the UK economy and are a valuable strategic tool for business."
Mike Low, Director of the British Standards Institution said, "This report demonstrates the fiscal benefits of standards to British business and reveals the wider economic benefits to the UK economy. It shows that standards are at the foundation of making UK business more competitive by supporting innovation, streamlining business efficiency and providing a framework for sustainable growth. This independent analysis of the benefits of standardization also provides evidence of BSI's ongoing activity to support British business."
A copy of the research and detailed information can be found online at: www.dti.gov.uk/iese/The_Empirical_Economics_of_Standards.pdf
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