UK businesses receive £2.9 billion boost to invest in Research and Development
Mel Stride: “UK businesses are leading the way in technology and innovation”
British businesses investing in Research and Development (R&D) received £2.9 billion support from government in the last year, with a particular boost for small businesses, official statistics showed today.
From advanced engineering to life sciences, R&D tax credits support UK businesses to make the investment they need to innovate so that Britain remains at the cutting edge of technological development. Scientists creating a new artificial bladder system for patients with urinary difficulties, or specialists developing new IT encryption and security techniques, are just two examples of the qualifying R&D.
Mel Stride, Financial Secretary to the Treasury and Paymaster General said:
"From manufacturers to scientists, Britain’s brilliant entrepreneurs are leading the way in technology and innovation.
"We will continue to support these businesses so that they can promote growth across the country and compete in the global economy."
The figures also show that R&D investment by UK businesses is at a record level, demonstrating the positive effect of government support.
And more than ever before, the scheme has helped small businesses get the boost they need to remain competitive, with claims by small and medium enterprises (SMEs) up by 22% to 21,865, and most of the increase since last year down to first-time SME applicants.
For every £1 of government support businesses receive, businesses invest up to £2.35 in the UK economy through R&D.