Category Archives: Healthcare

Investment in Cambridge after ARM Holdings plc

For £24.3 billion, ARM, a Cambridge-based chip design company, has been sold to SoftBank, a Japanese conglomerate, which has vowed to double the staff in ARM in five years among other specified strategies.

Within this activity, at least £380 million was returned to local ARM employees in the period from September 19 – 24 2016. These monies have hit accounts.

As suggested by Emily Mackay, a local fintech and analysis entrepreneur, this is likely to be reinvested to some extent in products and services locally, and another part of it may be invested in early stage through larger listed companies and other assets locally and elsewhere.

This is certainly my case, having been an investor in ARM. I will be spending the unexpected returns mainly locally and partly investing locally. I have already begun to invest not only in listed companies but also in a high local growth scale-up that has been raising millions through crowdfunding.

The 42% premium might have been a much higher premium, given the huge potential of the relevant markets. It appears that the relevant senior ARM staff did not negotiate too hard. I was looking to invest in IoT and ARM for the longer run, and with a much higher upside in that longer run. ARM investors lost part of that upside with this deal.

Leaving that aside, as an investor up that event, and one who would like to continue to invest, I am faced with what to do with the monies returned as they merge with my overall portfolio of assets.

I was a Deutsche Bank securities analyst in the 1990s prior to returning to Cambridge to do a Judge MBA in 2000. There, I had responsibilities to understand and practice portfolio (optimisation) theory, especially around international government bonds and money markets. I am also conscious of the value investing approach of Warren Buffett and have read his books and some of the very old citations within it, such as the classic “Stock Operator” books.

These two ideas somewhat push against each other.

On the one hand, portfolio theory tells us that we should spread out our assets into holdings that are as uncorrelated as possible: diversification. We then are able to use the theory to optimise the balance of the portfolio so that it offers the highest possible return for a given risk level.

On the other hand, Warren Buffett prefers to keep a small number of investment assets which he has gotten to know and has understood and has perhaps been able to establish that they are “undervalued” as measured say against “book value” or some other financial ratio. He will believe in the business model and invest at higher levels than perhaps standard portfolio theory might recommend. He is a risk taker. Well, it worked: after of course many decades, this value investor is in the handful of richest people in the world.

In thinking of diversification, one can go to different asset classes, such as property, equities (stocks in companies), fixed income (bonds), commodities (e.g. gold), alternative finance (lending). One can do all this in different currencies and geographies around the world. There may be influences from taxation policy when one is balancing the portfolio. Within stocks, there are listed public companies (e.g. FTSE 100, AIM listed) right down to small unlisted private companies taking angel and VC investment. Investment can be for a decade or more, or just for a few days.

Another asset class is one’s own business or income potential at work: “human capital”. One needs to balance potential at work with what can be achieved through focus on investments. This is entirely personal and depends on many factors. Normally, that business is a dominant factor.

Now, brainstorming: what are the possible asset classes that might be interesting now. I’ve given some of them as examples above.

Technology.

Some hot and potentially “exponential” sectors, and ones which have representations in Cambridge, are:

  • IOT, IIOT
  • wireless communications
  • healthcare, healthcare services, research tools for academics
  • wearables for mental health and health monitoring etc
  • smart factories
  • payment technologies & fintech
  • software for all the above
  • software for network visualisation
  • 2d & nanomaterials
  • digital printing and 3d printing

We can expect a premium for all classes of company in these areas, but they can still grow and be great investments. ARM of course was one such company. What is the next ARM in Cambridge in terms of growth and development?

P2P Lending: this is a burgeoning, lower risk, lower volatility, lower downside type of investment class than stocks.

Crowdfunding: A recent study showed that the class as a whole has been providing a 14.4% ROI for investors. This is actually comparable with some of the P2P lending returns but at higher risk. If willing to invest in several examples that are uncorrelated, and work with an uncertain medium to long run exit, with very high potential upside (an advantage over P2P) if a “unicorn” is found, then this is an exciting class of assets for part of the portfolio.

Indian equities: this developing country is set to grow among the fastest in the world for the foreseeable future. There are funds for this available from the UK. This would be high risk if investing for only a year or two.

Property in Cambridge has been a great investment – the market has risen on average at just under 6% CAGR for the last 25 years.

The equity value in the property can also supplement funds to invest – if you have the risk-appetite for that. You are likely to be paying “secured loan” rates well under 5% with the bank or building society. You can of course obtain rates from 8% to above 10% in P2P lending (but yes, you cannot defer tax as in shares until sale. You must pay tax each year on gains, even if extracting the monies for the tax bill goes against the investment idea). So there is possible arbitrage, but with risks, of course.

Sometimes investors are thought of as not helping society. Well, your investments are clearly helping people pay less interest and achieve their dreams in P2P lending. Your investments are creating improved properties for you and others to live in. Your investments are enabling entrepreneurs and their teams to have a job and the chance to build great products and services that we all can then enjoy and improve our lives with…in principle!

More investment when you are very successful does not yield less of the good things I’ve just mentioned. And the more you have the more you will deploy effectively to others in society unless you put most of the funds under a mattress.

One of the surprising statistics for Cambridge is that its “Cambridge Index”, created and monitored by the local investment bank N W Brown Group, shows that those Cambridge companies have greatly outperformed the AIM index as a whole. In fact, the Cambridge Index has grown at a rate of over 18% CAGR for two decades, while the AIM index as a whole has languished.

There are many great technology companies in the Cambridge cluster ranging from those wanting angel investment, to those maturing into venture capital and post-angel crowdfunding etc, to those smaller listed growth companies to public companies like Abcam that have reached over £1.6 billion in market valuation and are growing at a faster-than-their-market rate. Are such companies in Cambridge as Abcam, or other generally unknown scaleable tech companies, to emulate the success of ARM?

I look forward to the investment conversations!

Disclaimer: The author was a certified & regulated Securities and Futures Analyst with the FSA (now the FCA) in the 1990s but is not registered to give advice and this blog and all other comments by the author are not investment advice either generally or for any specific security or general class of assets.

Who should attend Cambridge Graphene Days 2015? 5-6 November

Booking online | Info | Why attend? Please call Maya on +44 1223 303500 for help booking and service.

Top 12 Reasons

1 Anyone with an interest in traction of business involving Graphene and GRMs

2 Anyone wishing to understand barriers to adoption and use of Graphene & GRMs

3 Anyone on a science and technology watching brief for Graphene and GRMs

4 Anyone with a startup or entrepreneurial idea for Graphene or GRMs

5 Anyone with business problems to solve that might be influenced or helped by Graphene or GRMs

6 Those wishing to understand the full uptodate and prioritised range of applications and those nearer to and further from market

7 Anyone wanting to get an IPR landscape & investment level update for Graphene and GRMs

8 Anyone wanting to meet new industrial and business entrants into the Graphene and GRM areas

9 People wanting to build quality networks or ecosystems in this set of fields

10 Sector specific players seeking to access solution providers

11 Solutions providers seeking to understand customer pull in a range of sectors

12 Those in related areas of technology such as nanotech, IoT, cleantech who wish to see the potential and synergies with Graphene and GRMs

Booking online | Info | Why attend? Please call Maya on +44 1223 303500 for help booking and service.

FlexEnable named Co-Lead Sponsor of Cambridge Graphene Days 2015

FLEXENABLE Ltd, a leader in development and industrialisation of flexible organic electronics, has announced its decision to co-sponsor the Cambridge Graphene Days 2015 (5-6 November).

The greatest graphene and GRM business event in the world in 2015.

“Perhaps the greatest graphene and GRM business event in the world in 2015.”

The Cambridge Graphene Days 2015 is a prime festival of events over two days for networking and learning more about the latest advances in commercialising Graphene and related materials  in sectors such as electronics, displays, energy storage, composites, packaging, aerospace & defence and automotive. The special set of events includes a program of events to be held mainly in Cambridge’s newly opened Graphene Building, with an exhibition of technology and tours of labs as well as a media event, conference and dinner at King’s College. Uniquely, leaders will discuss in a structured masterclass, the value network for graphene and GRMs and how barriers to adoption and use can be removed with services and networks.

Chuck Milligan, CEO, FlexEnable commented ”The relevance of graphene and graphene-like materials to flexible electronics for displays and sensors is clear, and we are proud to be co-sponsors of the Cambridge Graphene Days event – and the opening of the Graphene Building in Cambridge. We believe that our unique manufacturing processes for flexible electronics, together with the exponential growth expected in the flexible display and IoT sensor markets,  provide enormous opportunity for this exciting class of materials.”

Professor Andrea Ferrari added “We are very much looking forward to our Cambridge Graphene Technology Day on the 5th of November, when we will showcase industrial applications of graphene and related materials. We are also excited to be hosting high value manufacturing-oriented meetings on the site of the Cambridge Graphene Centre”.
For further information on development and industrialisation of flexible organic electronics please visit www.flexenable.com. To learn more about the Cambridge Graphene Days 2015 please visit http://www.hvm-uk.com/graphene2015

With over a decade of experience, IP development and technology awards, FlexEnable works together with customers to drive innovation across flexible sensors, smart systems and video-rate displays. FlexEnable‘s proven technology platform enables new mobile products, wearables, surface displays and imaging systems.

Cambridge Graphene Days event-set, available as a package via CIR here below, include:

a. MASTERCLASS – this includes media event and dinner at King’s College & is CPD Certified (day 1)

b. MEDIA EVENT & TOURS of LABS  – with Cambridge University “CEO” & Vice Chancellor, Professor Leszek Borysiewicz FRS FRCP (day 1)

c. EXHIBITIONS of real graphene and GRM technologies (both days)

d. 3rd CIR GRAPHENE BUSINESS CONFERENCE – (day 2) Chaired by Professor Andrea Ferrari, Head, Cambridge Graphene Centre, Chair, Graphene Flagship – Fantastic Panel & Speaker Lineup.

Haydale plc are confirmed Lead Sponsors of #CGD15. All takes place in the BRAND NEW CAMBRIDGE UNIVERSITY GRAPHENE BUILDING with lab tours available throughout the two days of events.

Book now!

Who should attend Cambridge Graphene Days 2015? #CGD15 | 5-6 November

CGD15-Banner
Cambridge Graphene Days 2015 | #CGD15 | 5-6 November 2015
For the full brochure, please call or email CIR at 01223 303500 (UK) and jacqueline@cir-strategy.com
Who should attend?
  1. Anyone with an interest in traction of business involving Graphene and GRMs
  2. Anyone wishing to understand barriers to adoption and use of graphene & GRMs
  3. Anyone on a science and technology watching brief for G and GRMs
  4. Anyone with a startup or entrepreneurial idea for G or GRMs
  5. Anyone with business problems to solve that might be influenced or helped by G or GRMs
  6. Those wishing to understand the full uptodate and prioritised range of applications and those nearer to and further from market
  7. Anyone wanting to get an IPR landscape & investment level update for G and GRMs
  8. Anyone wanting to meet new industrial and business entrants into the G and GRM areas
  9. People wanting to build quality networks or ecosystems in this set of fields
  10. Sector specific players seeking to access solution providers
  11. Solutions providers seeking to understand customer pull in a range of sectors
  12. Those in related areas of technology such as nanotech, IoT, cleantech who wish to see the potential and synergies with G and GRMs

Booking is open at http://www.hvm-uk.com/graphene2015/register

or please call +44 (0)1223 303500 for Maya, Justin or Jacqueline for options to sponsor, exhibit-speak, exhibit, attend this exciting festival of events over 2 days at the opening of the new building for the Cambridge Graphene Centre.

The CIR Team & the CGC look forward to greeting you 5-6 November in Cambridge, UK for CGD15.

Justin, Maya, Jacqueline, Nicholas

Haydale Named Lead Sponsor for Cambridge Graphene Days 2015

Haydale Ltd., a leader in the development of enhanced graphene and nanoparticulate materials, has announced its decision to sponsor the Cambridge Graphene Days (5-6 November 2015).

The Cambridge Graphene Days is a prime event for networking and learning more about the latest advances in commercialising Graphene and related materials in sectors such as electronics, displays, energy storage, composite, packaging, aerospace & defence and automotive. The festival of events includes a program of events to be held mainly in Cambridge’s new Graphene Building, with an exhibition of technology and tours of labs as well as a media event, conference and dinner at King’s College.

Ray Gibbs, CEO of Haydale commented ”The Cambridge hub is one of the pre-eminent places to go for the highest quality science and application skills. As a leading technological solution provider to this rapidly evolving market sector it made great sense to support this centre of excellence covering graphene and related nano materials, . We believe the conferences and workshops at the Cambridge Graphene Days will showcase the adoption and use of the graphene materials in real products. Haydale’s functionalised graphene technology already is providing ground breaking benefits to organisations involved with composite materials, conductive inks and next generation battery technology”.

Professor Andrea Ferrari added “We are very much looking forward to our Cambridge Graphene Day on the 5th of November, when we will showcase industrial applications of graphene and related materials. We are also excited to be hosting high value manufacturing-oriented meetings on the site of the Cambridge Graphene Centre”

For further information on leading edge functionalised graphene application solutions please visit www.haydale.com or contact Haydale Ltd. on +44-1269-842946 / info@haydale.com.

To book to join and learn more about participating in the Cambridge Graphene Days #CGD15 please visit http://www.hvm-uk.com/graphene2015

Haydale , based in South Wales, UK and housed in a purpose-built facility for processing and handling nanomaterials, is facilitating the application of graphenes and other nanomaterials in fields such as inks, sensors, energy storage, photovoltaics, composites, paints and coatings. Haydale has developed a patent-pending proprietary scalable plasma process to functionalise graphene and other nanomaterials.

Cambridge Graphene Days #CGD15 please visit http://www.hvm-uk.com/graphene2015

The Value of the Smart Systems Summit 2014 1-2 October London IoD

sss-masthead2

This is a special summit culminating 7 years of smart systems conferences within various segments

We form media partnerships with those who can extend our reach further

We are a strategy consultancy rather than an event organiser following instructions

We specialise in market research, using contact referrals and social media to obtain top speakers year after year

The value is in the bringing together of industry leaders beyond your own lists, with government and other academic groups

Our databases are large, from 12 years of conferences with 3,200 delegates

Network with industry innovators to create and develop critical new business collaborations and to exchange knowledge

Minimize risk by keeping up with technology developments – where is the industry going

Bring in cross-over engineering situations that might lend valuable ideas to work already being done

The spice of high level events in the capital, a greater chance of serendipity in networking

We’re bringing together top people from no fewer than 21 conferences in Cambridge and Oxford on these topics – so it’ll be a unique group, not the same people

If communications are important to you, this will be a well-covered conference in social media and in print

It will quickly generate a legacy website and slides for the site Slideshare, which are looked at by delegates and referred to others over time, something which builds over a long period

Gain industry recognition for yourself and your company through speaking, roundtable participation

For buyers – what new systems, products and services are there to buy?

It’s a prestigious venue – one of the best in the UK

It’s in a central location easy to reach from all directions –  In the capital, in exciting West London, near parliament.

Book now via this link

HVM Graphene+ 2014: from research events to a grounded applications business event

Quick Links: Conference Home | Brochure | Bookings | Detailed Info | Speaker Biographies and Synopses

The Oxford 15 May edition of HVM Graphene+ 2014 is looking a delicious lineup of highly interesting and grounded talks by a dozen entrepreneurial and large player speakers.

There will be less hype about graphene and less naiveté about its automatic dominance. It will be challenged by the full gamut of functional materials, their pricing strategies, manufacturing utilities and applications.

So join us on 15 May – we are already more than half full, bookings are flowing in from senior and eminent guests, and the event is set to bring together some really interesting people.

Book now – speaking roles are complete. But places & exhibition stand positions in great positions for this conference are now limited & continue at lower cost!

Best wishes

CIR Team 2014

01223 303500

Quick Links: Conference Home | Brochure | Bookings | Detailed Info | Speaker Biographies and Synopses

National Competencies & CIR Conferences 2013

The competencies of UK industry as identified by the top institute for manufacturing in the UK, the IfM, are covered by the conferences in HVM and Cleantech in 2013.

CIR is offering a passport for the year, which costs £520 and will enable access to 4 all-day high-quality conferences throughout the year, beginning with Smart Grids & Cleanpower on June 5 and going on to a water-based general Cleantech Conference iWATER & HVM Disruptive on November 5. The typical cost to attend a single conference is £325, and conferences of this type are attended for around £900/day in certain quarters in London, so that this year pass is great value.

In particular, energy generation, management and storage are covered at Smart Grids and Cleanpower, with the themes “Grid of Things” and “Transition Technologies” respectively.

Along with iWATER and HEAT & SHIFT later in the year on 5 November, these cleantech conferences cover business and market growth and the issues of scarcity of energy and other resources.

The second broad category competence mentioned by the IfM is that of competitiveness, efficiency and effective manufacturing systems. This broad area is covered on November 5 at HVM Disruptive – a follow-up to the successful 10th Anniversary HVM Conference in 2012. In particular, the role of government in industry is considered. But the main focus will be on disruptive technologies.

Sectors to be covered across the HVM conference are:

  • materials: composites and coatings (inks, adhesives etc)
  • nanoelectronics, photonics, devices, sensors,
  • energy & storage – as we saw
  • biotech applications

More agile methods, such as 3D/additive printing will be covered on November 5 in connection with the new material graphene. These along with the experience economy represent a whole paradigm shift for sustained growth in Western economies.

The whole area of “Smart” through “embedded, connected intelligence everywhere” is covered in the cleantech events on smart grids (June 5), industrial (clean)power generation (June 5), water tech for smart homes and factories (Nov 5).

Building new business models to realise superior value networks is a core competence of CIR Strategy, which organises this year’s series of HVM and cleantech conferences in the Golden Triangle of Cambridge, London and Oxford.

CIR espouses the understanding of value networks rather than supply chains and is expert in advising on these and in designing conferences to bring together the relevant stakeholders in a value network. The rigorous method behind much of this is called “Routes to Value”.

CIR believes that there is excellent growth to be obtained in Western, mature economies that are faltering and growing much more slowly than developing markets. This additional growth and value can be added through service design so that customers can buy and use products and services more easily, and in a more engaging way. This leads to the more developed experience economy. A series of experience services can be called a transformation. Transforming your clients is a goal that all businesses in the UK should be looking to achieve. Doing so would engender the kind of growth that we have seen elsewhere in the world over the last 10-20 years and make a great number of lives in the West and elsewhere better.

Therefore, all five strategic themes within the IfM report for the TSB in 2012 are covered by the HVM and Cleantech Conferences by CIR in 2013. A passport for just £520 can be obtained for executives seeking to go on this journey in 2013, building knowledge, connections and doing business.

CIR very much looks forward to seeing you at the conferences on June 5 and November 5, 2013.

You can sign up for a 2013 HVM and Cleantech passport up to 31 March 2013 by calling us at 01223 303500 or emailing events@cir-strategy.com. Or you can book directly for a specific conference here (buy tickets).

 

 

High Value Manufacturing Conference 10th Anniversary: Highlights of a memorable day

Conference homepage | Organiser Homepage | HVM10th Speaker Biographies | HVM10th legacy page

The feedback from senior delegates at the HVM Conference on 14 November was very positive, praising the quality of speakers, networking, business development value, and briefing content.

Summary of HVM 10th Anniversary Conference

The day began with a short talk from HVM strategy consultant and organiser Dr Justin Hayward in which he noted that Britain was on top of the world when it came to countries with over 10 Olympic Gold-medal per million inhabitants scores. This has been effected through lottery-funding, a form of funding that is effective and voluntary.

Justin also argued the points that government spending in the UK has been rising since World War II to a level well over 40% of GDP, and that this may be resulting in difficulties with releasing the potential of HVM from the UK.

Justin went on to note that the private sector has been becoming more confident in difficult times as it struggles to enable earlier-stage HVMs to find funding and grow without government intervention or bank or financial VC finance, instead working with angels, angel groups, superangels, corporate investors, large channel customers and crowdfunding while adapting business models so as to reduce the level of funding needed before testing the market.

Professor Sir Mike Gregory CBE, Head, IfM opened the conference as chairman that “manufacturing was back in fashion”. Sir Mike was upbeat in his appraisal of developments around HVM by the private sector in partnership with the government through the seven centres of the HVM catapult, which cover half of the 22 British competences listed in Sir Mike’s IfM report for the TSB in 2012.

After Sir Mike the audience enjoyed hearing from Will Barton, TSB Head of Manufacturing, details of the success story of Oxford Catalysts, going from an idea around Fischer Tropfe processes for production of clean energy and difficulties to a globally operating company in eight years.

Following this, Phil O’Donovan, a well-known entrepreneur and co-founder of CSR plc, discussed the fabless manufacturing business model and how this enables companies to scale yet keep on top of design and required in-house expertise as returns were to be dealt with by CSR rather than the manufacturer. Phil also said that tax for SMEs should be simple, founder-friendly, staff-friendly and stable, a comment which received nods of approval from many. He noted that the high growth “CSR ignored government and eventually they ignored CSR plc too”. CSR plc quickly went to over 1000 staff and became the market leader in bluetooth with a USD1 billion plus market valuation.

Sir Robin Saxby was next up, in a fantastic opening session. Sir Robin showed the now-famous “SWOT” analysis slide of the ARM business in 1990, at which point it consisted just of the 11 engineer founders and Sir Robin. Given ARM’s dominance now, the SWOT’s contents are an obvious source of great humour! But the point was made strongly that startups should take such analyses seriously. He discussed how SMEs can learn from larger customers’ needs. Startups, he asserted, should try to hire the best team and advisors as soon as possible and motivate themselves through share options in the company. Sir Robin finished by talking briefly about some of the technology startups he has invested in.

Plastic Logic, one of the headline sponsors of the 10th Anniversary HVM Conference, were represented by their new CEO Indro Mukerjee. Indro talked about the industrial revolution that is 3D printing, and noted that Plastic Logic was moving out of stealth mode.

Tonejet, another headline sponsor, spoke through CEO Ray Southam of their successes in bringing from invention to market the world’s first full colour photographic-quality digital can printer, with all the implications this has for the market for promotional cans.

Later in the day there were further keynote talks from an array of speakers, including 2012 Medicine Nobel Prize winner, Sir John Gurdon, who spoke of his “blue sky research” leading to reversible cells and of his educational experiences which to his teacher seemed unpromising to say the least! The audience was spellbound by this talk.

Nick Coutts of CIR Strategy, organiser and sponsor, gave a world-class discussion of Routes to Value, as applied to HVM, which he has pioneered.

Dick Elsy, the new CEO of the HVM Catapult talked about the seven centres across the UK and of government and private sector funding, and how these centres are enhancing advanced manufacturing through engagement with SMEs.

Sir Michael Marshall returned to the HVM conference with an interesting talk covering HVM Successes in Cambridge, and of how his family’s business has grown from a humble chaffeur startup in 1909 to a billion pound plus company in aerospace, automotive, specialist vehicles and owning the airport.

A very strong final panel consisted of Lord Sainsbury of Turville, Sir Michael Marshall, Dick Elsy, Nick Coutts and Professor Sir Mike Gregory CBE. Quite a group! The discussion will be summarised by CIR Strategy at the legacy website and announced first to delegates attending.

The upshot of the panel was a general positivity about what High Value Manufacturing is achieving in Britain and what the future holds for an efficient, well-supported competitive economy with mutilple key advantages in manufacturing.

Please keep an eye on www.hvm-uk.com for further news, reports and conferences on HVM.

Conference homepage | Organiser Homepage | HVM10th Speaker Biographies | HVM10th legacy page

A Century of UK Government Spending

Charts:

UK Total Government Spending 1910 – 2012 – Percentage of GDP

UK Total Government Spending 1910 – 2012 – in 2012 Pounds Sterling and scaled up for population increase to 2012 levels.

UK Government Spending on Welfare/”Benefits” 1910 – 2012 – Percentage of GDP

UK Government Spending on Welfare/”Benefits” 1910 – 2012 – in 2012 Pounds Sterling and scaled up for population increase to 2012 levels.

UK Government Spending on Education 1910 – 2012 – Percentage of GDP

UK Government Spending on Education 1910 – 2012 – in 2012 Pounds Sterling and scaled up for population increase to 2012 levels.

UK Government Spending on State Protection (Police, Fire, Courts etc) 1910 – 2012 – Percentage of GDP

UK Government Spending on (Police, Fire, Courts etc) 1910 – 2012 – in 2012 Pounds Sterling and scaled up for population increase to 2012 levels.

UK Government Spending on Defence 1910 – 2012 – Percentage of GDP

 

Example:

UK – Breakdown of Government Spending

1910

Pensions = 0%
Healthcare = 0.4%
Education = 2.3%
Welfare = 1.0%
Defence = 2.9%
Safety (police etc) = 0.5%
Transport (trains, roads etc) = 2.7%

Total Government Spending 1910 = 15% of GDP

2013

Pensions = 8.5%
Healthcare = 7.7%
Education = 5.9%
Welfare = 7.2%
Defence = 2.8%
Safety = 1.9%
Transport = 1.1%
Interest on Debts = 2.7%
“Accounting adjustments” = 1.5%

Total Government Spending 2013 = 42% of GDP

Source: http://www.ukpublicspending.co.uk

Analysis of data: CIR Strategy.