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In the 2016 Autumn Statement, it was announced that £4.7 billion from the National Productivity Investment Fund (NPIF) would be allocated to encouraging R&D. The Spring Budget confirmed the first investments.
The Industrial Strategy Challenge Fund (ISCF) will support collaborations between business and the UK’s science base. An initial investment of £270 million has been put in place to ‘kick-start the development of disruptive technologies that have the potential to transform the UK economy’. The technologies the fund will focus on initially are:
The NPIF is investing £250 million to grow the base of highly-skilled research talent available to help create a growing and innovative economy. It will be divided as follows:
An investment of over £100 million will be mad to help maintain the UK’s position as a world-leader in Science and Research by attracting the most intelligent people in those fields to the UK, including:
The Budget also revealed that a review of the R&D tax regime found that the tax credits regime is effective, internationally competitive and supports innovation. The government will however make some administrative changes to increase the ‘certainty and simplicity’ regarding claims and will improve awareness of R&D tax credits among SMEs. The government has stated that it will ‘keep the competitiveness of the UK environment for R&D under review to ensure that the UK is profoundly pro-innovation.’
To read the full Spring Budget, click here.
If you have any further questions about these announcements, please get in touch with one of our attorneys.