Standards contribute £2.5billion to UK -

Standards contribute £2.5billion to UK

LONDON — A research team from the University of Surrey, Nottingham University Business School and the Fraunhofer Institute for Systems and Innovation Research in Germany, have produced a study that show that standards contribute £2.5 billion a year to the UK economy.

Published by the Department of Trade and Industry (DTI) and the British Standards Institution (BSI), The Empirical Economics of Standards has quantified the value of standards to the economy for the first time ever and the research highlights their contribution to productivity, growth, innovation and the international transfer of technology.

The DTI commissioned research also reveals that 13% of the growth in labour productivity is attributed to the role of standards; standards are an enabler of innovation and facilitator of technological change; and the economic return from investment in standards makes sound business sense at both a macro and micro-economic level.

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