The Chancellor of the Exchequer, Jeremy Hunt, announced the Government’s Budget.

The budget included:

  • £1 million investment for Investment Zones
  • eligible loss-making R&D-intensive SMEs will receive £27 from HMRC for each £100 of R&D investment
  • up to £20 billion funding for early deployment of Carbon Capture, Usage and Storage (CCUS) to help meet the Government’s climate commitments.

Dr Joe Marshall, Chief Executive of the National Centre for Universities and Business (NCUB), said:

“Today’s Budget sends a number of positive signals to help promote investment in the areas needed to drive economic growth.

“It’s encouraging to see the announcement of Investment Zones with universities at their heart, alongside a package of tax relief measures to promote R&D and capital investment. There are sizeable commitments to priority technologies and sectors, like AI, Quantum, Carbon Capture and Life Sciences.

“However, within the context of huge investments in the US, EU and China, the UK needs to go harder and faster on growth plans in credible areas of strength to establish a leadership position on the global stage.”