Budget 2014

Encouraging business investment in R&D, cutting-edge Science, Technology and Engineering

 

In his Budget 2014 speech, Chancellor George Osborne announced further measures to support business and further economic growth, by encouraging Research and Development (R&D) and supporting investment into new, cutting edge technologies.

 

The Chancellor recognized that investment in cutting edge Science, Technology and Engineering was vital in making the UK more competitive internationally. 

 

To this effect he announced:

• The revision of the rate of the R&D tax credit for loss-making small businesses from 11% to 14.5%
• The increase and extension of the Annual Investment Allowance to 2015
• The establishment of new centres for doctoral training, for Cell Therapy and for Graphene.
• The establishment of the Alan Turing Institute for research into big data and algorithm.

Mr Osbourne said “If Britain isn’t leading the world in science and technology and engineering, then we are condemning our country to fall behind.”

 

At Jumpstart, we wholeheartedly welcome these budget measures, as they ensure the UK builds on its historically proven strength in Science and Technology to secure its long-term prosperity. 

 

R&D tax relief creates the right climate for enterprise and innovation, which are crucial factors in maintaining high and stable growth.


Author - Laetitia Guichard