The Government spent more than 50% its £2.28billion innovation budget in London and the South East in 2013.

London received £335million and the South East £847million, 37% of the total.

The North, Wales and Northern Ireland again largely missed out. The West Midlands did even worse, receiving a relatively paltry £4million - just 0.2% of the available sum.

Government spending on innovation has declined under the Coalition.

It spent £2.51billion on R&D in 2010 - which would be worth £2.81billion when inflation is taken into account.

Spending On R&D 2013

England overall received 87.8% with Scotland, Wales and Northern Ireland getting less than 10% each.

Green energy, cell research and graphene development are some areas where the Government focuses attention and spending on R&D.

Only 5% of SMEs had taken advantage of R&D tax credits, according to a survey by KPMG earlier this year and Chancellor George Osborne pledge to increase that figure with measures in his Budget to increase awareness of the scheme over the next two years, along with a simplified application process.

He also aims to redress the north/south balance with his grand strategy. He told the House Of Commons: "We don’t pull the rest of the country up, by pulling London down. Instead we will build on London’s success by building the Northern Powerhouse."