Following the government’s commitment to increase R&D investment to £22 billion a year by 2024 to 2025, specialist R&D tax consultancy, The Catax Group responded by saying that, “The government has signalled that it is keen to ensure the UK continues to welcome the best global talent.”
In an announcement made late last week, the UK Government committed to increasing R&D investment to £22 billion a year by 2024 to 2025. Alongside this announcement, a Roadmap was also launched which will, according to the government, “Drive collaboration between government, industry, research organisations and local authorities to ensure research funding is accessible, boosts productivity, improves public services, creates high-quality jobs and delivers economic and societal benefits to communities across the UK.”
Speaking about the announcement, Kully Nijjar, Associate Director of specialist R&D tax consultancy Catax, had this to say; “It’s a very exciting time to be an innovative company in Britain with the country’s place in a post-Brexit world still yet to be carved out.
The initiatives contained in the new Government roadmap are very promising. It’s not necessarily financial assistance that is the most important element, although it will be interesting to see what announcements follow in relation to the pledge to fund the scaling up of innovations.
Crucially, the government has signalled that it is keen to ensure the UK continues to welcome the best global talent, which is something that all technology companies will be celebrating. This is going to be key if we are going to retain world-leading manufacturing heartlands like the Midlands, from where cutting-edge design and production makes its way across the globe.
The twin headwinds of a global pandemic and Brexit trade negotiations mean a renewed focus on R&D is very welcome.”
Within Manufacturing, the R&D focus is to be put on several areas including, increasing knowledge and understanding through research, improving the attraction and retention rate of workers and making R&D work for everyone.
The full government announcement can be read here.