The UK problem really lies long before any idea reaches the ‘D’ of the R&D. The Welsh government’s interpretation of EU state-aid rules is that research that fails to attract commercial support should not receive any public funding. So a grant of £1.6 thousand is routinely refused. That is the mother of all ‘Catch-22’s.

In fact, the climate for innovation is even worse than that, because research institutions (such as they are) in receipt of public funds are not allowed to ‘own’ IPR in the UK. Try telling that to the Fraunhofer Gesellschaft – or MIT? – or thousands of other research bodies around the world.

Britain has a world-class talent for shooting itself in the foot – we invented the concept.