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| Manufacturers and science firms get £1.1bn research and development boost | Manufacturers and science firms get £1.1bn research and development boost |
| (8 days later) | |
| The government has increased research and development tax relief in a boost to UK-based manufacturers and science companies. | The government has increased research and development tax relief in a boost to UK-based manufacturers and science companies. |
| In his budget speech George Osborne said research and development was "absolutely central to Britain's economic future" and raised the relief from 9.1% of R&D expenditure to 10%. | In his budget speech George Osborne said research and development was "absolutely central to Britain's economic future" and raised the relief from 9.1% of R&D expenditure to 10%. |
| Martin Hook, the managing director of research and development tax specialists Alma Consulting, said the new R&D expenditure credit and forthcoming tax break for inventions showed that the UK was a "competitive place for innovative, cutting-edge businesses to call home". | Martin Hook, the managing director of research and development tax specialists Alma Consulting, said the new R&D expenditure credit and forthcoming tax break for inventions showed that the UK was a "competitive place for innovative, cutting-edge businesses to call home". |
| Hook said: "The surprising increase from 9.1% to 10% for R&D expenditure credit is extremely welcome since it represents a real-terms benefit over the existing R&D tax relief. This is an increase in generosity of R&D reliefs for large companies, which has not occurred since 2008." | Hook said: "The surprising increase from 9.1% to 10% for R&D expenditure credit is extremely welcome since it represents a real-terms benefit over the existing R&D tax relief. This is an increase in generosity of R&D reliefs for large companies, which has not occurred since 2008." |
| Carmen Aquerreta, the head of R&D at Deloitte, said the expenditure credit would provide £1.1bn worth of tax relief to innovative companies over five years. | Carmen Aquerreta, the head of R&D at Deloitte, said the expenditure credit would provide £1.1bn worth of tax relief to innovative companies over five years. |
| "This, together with the patent box relief that comes into effect from April this year, as well as other measures such as the £2.1bn relief for the aerospace industry announced this week, provides a strong package of support for innovation in the UK and a boost to global competitiveness." | "This, together with the patent box relief that comes into effect from April this year, as well as other measures such as the £2.1bn relief for the aerospace industry announced this week, provides a strong package of support for innovation in the UK and a boost to global competitiveness." |
| However, Sir Paul Nurse, the president of the Royal Society, said the government was still not doing enough to support British research and development. | However, Sir Paul Nurse, the president of the Royal Society, said the government was still not doing enough to support British research and development. |
| "An increase in R&D tax credits is good news, but the sad reality is that the government only spends 0.57% of GDP on R&D; to keep pace with other key countries this should be closer to 0.8%. Our businesses also lack ambition, with the combined public and private sector spend on R&D being only 1.79% of GDP when countries we are competing with are spending around 4%." | "An increase in R&D tax credits is good news, but the sad reality is that the government only spends 0.57% of GDP on R&D; to keep pace with other key countries this should be closer to 0.8%. Our businesses also lack ambition, with the combined public and private sector spend on R&D being only 1.79% of GDP when countries we are competing with are spending around 4%." |
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