The UK government should commit to spending £1bn ($1.5bn) over the next parliament on joint ventures in clusters between universities and business, according.

The report, Encouraging a British Invention Revolution, said turning ideas into job creating businesses was needed to help rebalance the UK economy and boost manufacturing.

Sir Andrew Witty (pictured), chief executive of GlaxoSmithKline (GSK), a UK-listed drugs company, and chancellor of the University of Nottingham, was commissioned in April by the UK’s Department of Business Innovation…

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