Business insurance holders are being encouraged to take part in a new innovation awards scheme, it has been revealed.
Launched by science and innovation minister Lord Drayson and entrepreneur James Caan, the first government-backed iawards aim to recognise the best business insurance customers in the science and technology sector.
The Department for Business, Innovation and Skills claimed that business insurance holders use of science and innovation will be essential in helping the UK to create a stronger and more competitive economy on the eventual upturn.
Prime minister Gordon Brown commented: "New innovations will help us build for the future and take advantage of new opportunities in low carbon, digital technology, bioscience and advanced manufacturing."
Mr Caan added that the UK is the home of "some of the greatest minds in the world" and said that the new awards will help to recognise the contribution they make to the economy.
Last month, the Scottish government published its new framework for innovation, which shows how it will support business insurance holders looking to boost their productivity, market share and profits.
