By introducing the super-deduction, the Chancellor has today taken a positive step forward in prioritising the UK research base, says the National Centre for Universities and Business (NCUB).
Dr Joe Marshall, Chief Executive of NCUB said: “The Government has made clear its ambition for the UK to become a science superpower. The budget announcements today illustrate a strong commitment to making this happen. Not only is the Government boosting public spending on research, but it is also enhancing measures to encourage businesses to spend more on research and development (R&D) and innovation themselves too.”
Marshall concluded: “The super-deduction will encourage and help businesses to invest, including in research and innovation. This is critical to help businesses build back better and lay the foundations for an innovation-led economy. The super-deduction, coupled with other measures to stimulate R&D investment such as exploring changes to pension investment rules and tax credits systems, represent important steps towards developing a more resilient economy. Today’s announcements help us move towards greater prosperity, as well as tackle the seismic challenges of climate change and the fourth industrial revolution.”