Of course the UK doesn’t really exploit innovation – it just registers it for tax purposes

Posted on

The Guardian is offering clear messages on the failed direction of UK economy this morning. I've already noted one. Here's another headline:

Screen shot 2013-12-04 at 06.38.36

Of course the UK can't and won't develop graphene further. It may put a patent in an offshore tax haven regarding its use, but that's as far as UK aspiration now goes.

When tax planning to exploit a rent (and in economic terms a patent royalty is a rent) is believes to be the most important activity in the UK innovation and well-being dies with it.

That's the point we've reached.