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The European Commission has told Hungary to change tax laws which limit R&D tax exemptions to research carried out in the country.

The UK government has asked the National Endowment for Science, Technology & the Arts to come up with a new index of innovation achievement. But by any measure, says NESTA’s Sami Mahroum, the UK is moving up.

UK biotech Phynova makes a business out of developing traditional medicines, but when it comes to raising money it is pioneering a new, low-cost route to American investors.

Drug companies have lost confidence in the UK as a place to do business, according to research by two leading industry bodies.