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On his wishlist for a new government that must impose cuts is the ring-fencing of science and innovation spending.
It's possible that some corporations are going to put the clamp on innovation spending.
The UK report is part of a Europe-wide study, funded by the European Commission, into research and innovation spending by foundations.
However, without sight of the full details we should wait before celebrating until the full impact of the spending review on science and innovation spending can be calculated.
Vince Cable's determination to hold his ground against George Osborne fuelled a lot of speculation about science and innovation spending ahead of today's spending review.
Increases in innovation spending by DECC and MOD, a new fund for research into global challenges (a nod to Nobel Laureate Angus Deaton's ideas on how best to help poor countries?) and centres for research into dementia and "cyber" (the spirit of 1996 lives!) all look like good news.
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Stan Liebowitz, a professor of economics at the University of Texas at Dallas and the director of its Center for the Analysis of Property Rights and Innovation, spent years investigating the economic impact of the Xerox machine on the publishing industry.
In 2004 we teamed up with Booz & Company to conduct a global survey that was completed by 186 companies from 19 countries and 17 sectors, with a combined innovation spend of more than US$78 billion.
Even Colgate, which calls adding a new color of dish detergent a product innovation, spent 2%.
Even the conservative Colgate, which calls adding a new color of dish detergent a product innovation, spent 2%.
Yet Washington can also encourage innovation without spending money.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com