Science & Technology – Autumn Statement Update

The Government announced a firm commitment to ensuring that the UK remains at the forefront of world science.

This was done in a number of ways, but primarily by protecting the £4.7 billion resource funding. There will also be new funding of £1.5 billion aimed at ensuring the UK takes the lead in addressing problems faced by developing countries. The Government will also ensure the delivery of a £6.9 billion capital investment in science research (including £150 million aimed specifically at helping those with dementia). Over £130 million will be invested in DEFRA’s science facilities too.

On a wider level the Government is implementing Paul Nurse’s review of UK research and will introduce a new body called Research UK. This will take the lead in developing a strategic approach to science funding and strengthen the collaboration between research and the business community.

New finance products will be introduced to support companies to innovate following best practice in countries such as France, Finland and the Netherlands. These will replace some existing Innovate UK grants, and reach £165 million per year by 2019-20, so that total Innovate UK support is maintained in cash terms. Although a grant is preferable to a loan the availability of R&D tax relief should not be overlooked to compliment the Innovate UK funding.

If you like this article and would like our FREE updates sent straight to your inbox then subscribe to our monthly newsletter

Subscribe

Get in touch

To find out more about how we can help you or your business, call us on 0808 144 5575 and speak to a member of our team. Alternatively use our contact form to send us a message or arrange a callback.

CALL 0808 144 5575

or

Contact Us

All content © 2015 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW