The Spring Budget 2020 is here!
Some great stuff was announced in relation to research and development, so it’s safe to say that we’re excited. We want to take you through some particularly relevant updates in light of what they mean to innovation in the UK:
- Research and development investment has been increased to £22 billion a year by 2024-25. This comes with an immediate £400 million rise and is the fastest and largest increase in financial support for R&D!
There will also be an increased focus on creating a broader geographical spread of funding, as at present half of R&D spending goes to London, the south east and the east of England.
This budget increase will certainly boost the UK’s world-leading research, infrastructure and equipment. Great innovation, coming right up!
- The R&D expenditure credit was boosted from 12% to 13%. This directly impacts large companies, who can now claim more support for their R&D. We’re sure this will motivate and inspire many large firms to invest in research and development, progressing their industries ever-forwards.
- Funding for a dedicated £200m investment programme for life sciences was announced. This is set to enable £600 million of investment, which will definitely keep the UK at the front of the pack when it comes to life sciences innovation.
- In the food and drink sector, £1m of funding was announced to help distilleries go green. For companies working with distilleries this is an exciting time, as the move towards greener operations is certainly the strategy of the future.
Here at The Tide Group, we’re passionate about supporting and enhancing research and development progress. If you want to chat to us about any of the changes, or how your company can take advantage of increased budget and potential savings, please get in touch today. You can email or call Kate at firstname.lastname@example.org or 07825516161.