Sarion Bowers’ Post

The government needs to create better incentives for businesses to invest or the UK risks falling behind other countries and losing out on the benefits from investment in research and development, a new report claims. Investment in R&D could boost the UK economy, improve the quality of the NHS and unleash potential cutting-edge technologies according to a new report, ‘Backing Business R&D’, released today by the Campaign for Science and Engineering (CaSE). Read more here 👇 https://lnkd.in/ekQKUMAn #theengineer #actionfromgovernment #businessincentives

Public sector #investment is a catalyst for private sector investment in R&D. It is time to be bold and ambitious to meet the aspiration of long-term sustainable growth for the #UKeconomy. See more in NCUB's #autumnbudget report 2024.

Exploring the future of UK R&D funding 📈 The UK government is doubling down on innovation with its largest-ever R&D budget from 2022 to 2025. A staggering £39.8 billion allocation highlights the nation's commitment to becoming a global leader in science and innovation. Key highlights: 🔸Record budget allocation: A £5 billion annual boost aims to elevate the UK's R&D system, supporting groundbreaking research. 🔸Strategic investments: Focus areas include climate change, clean tech, AI, and regional development to promote economic balance. 🔸Space sector growth: The UK Space Agency's budget soars, highlighting the strategic importance of space innovation. 🔸R&D tax relief reforms: Big changes to tax reliefs, including expanded qualifying expenditures and a focus on UK-based innovation. 🔸Enhancing compliance: Digital claims, detailed cost breakdowns, and improved transparency to prevent abuse of the system. 🔸Stakeholder engagement: Extensive consultations make sure that reforms align with the needs of R&D stakeholders. The future of UK R&D funding is bright, with a dynamic landscape that encourages innovation and technological progress. Read the full blog here: https://bit.ly/3OTcngI #ResearchAndDevelopment #NorfolkAccountancy #NorwichAccountants

The Group of Eight CE Vicki Thomson says in an op-ed in The Australian today that while next week’s federal budget will rightly focus on short term cost of living relief, it should also recognise the need for long-term investment in research, which boosts productivity growth – the best way to address cost of living pressure in the long-term. “There is a growing gap between Australia’s R&D performance and other advanced economies in the OECD,” she says, “Which does not bode well for our longer-term competitiveness and living standards.” Ms Thomson says the Go8 is calling for Government to adopt its commitment to raise Australia’s investment in R&D to 3% of GDP as a formal target and has developed a set of policy reforms to achieve this increase in investment by approximately 2035. “This is not a target for Government spending,” she says, “It’s a national target requiring private and public sectors to work together… and we’ve been working with Australia’s leading business and industry groups to develop a road map to achieve this.” “Investing in R&D is key to lifting Australia’s productivity growth and in the long term the only sustainable way to control cost of living pressure. We have to keep an eye on the long game too,” Ms Thomson says. Read the Op-ed here: https://lnkd.in/gcMcsjv8 Also, check out our latest Debate@Go8 podcast episode with EU Ambassador to Australia, Gabriele Visentin, where he discusses the world's largest research fund, the A$160 billion Horizon Europe programme, which would give Australian researchers greater access to more research funding if Australia were to formally associate to it. https://lnkd.in/d3X3pKNG Jim Chalmers Ed Husic MP Jason Clare MP Department of Industry, Science and Resources Business Council of Australia Australian Industry Group (Ai Group) #researchfunding #randd

📢 What are the Key Highlights for UK Tech from the Latest Budget? The new Budget shows the UK government’s intent to position technology at the heart of public service reform and economic growth: 🌈𝐍𝐇𝐒 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭: £2bn committed to modernising NHS digital infrastructure.⁣ 💰𝐑&𝐃 𝐅𝐮𝐧𝐝𝐢𝐧𝐠: £20bn protected for science-led R&D, with targeted support for aerospace (£975m), creative industries (£15bn in tax relief), and automotive (£2bn) R&D. Many tech businesses are looking for further commitments in these areas.⁣ 📈𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 & 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲: Capital gains tax rates will see modest increases, while private equity tax on profits rises to 32%. Hopefully, these will not deter innovation and investment in the tech landscape.⁣ 🏦𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 & 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞𝐬: With higher government borrowing, inflation could hover around 2.6% next year, potentially impacting investment. RSM UK notes that interest rates may fall more slowly than expected.⁣ 💼𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐂𝐨𝐬𝐭𝐬: Employers’ National Insurance will increase to 15% on salaries above £5,000, but smaller tech companies can benefit from an increased Employment Allowance, now at £10,500.⁣ 💻𝐅𝐨𝐬𝐭𝐞𝐫𝐢𝐧𝐠 𝐓𝐞𝐜𝐡 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧: A review, led by Professor Dame Angela McLean and Dr. Dave Smith, will explore ways to boost transformative tech adoption, with an AI Action Plan on the horizon. With a promising commitment to tech-enabled reform, it’s an exciting, if cautious, time for UK tech companies and investors. Let’s keep our eyes on the opportunities ahead!👀 #TheBudget #UKBudget #Labour #Tech

R&D investment is critical to the UK’s future. As we approach the Budget, the Campaign for Science and Engineering (CaSE) and 40 leading R&D organisations, including ARC, have written to the Chancellor, urging the Government to prioritise investment in research and development to achieve its ambitions for economic and social growth. While public spending is under pressure, cutting back on R&D now could hinder the UK’s long-term potential for growth, job creation, and innovation. Without proper funding, we risk losing expertise and momentum in the sector that’s vital to driving the economy forward. Alicia Greated, Executive Director of CaSE, highlighted: “R&D stands ready to play a big part in achieving the Government’s goals, but short-term decisions could lead to deep cuts across the sector, affecting jobs, expertise, and productivity.” Dr Tim Bradshaw, CEO of the Russell Group, also emphasised the importance of stable policies and sustained R&D investment: “To achieve long-term growth, we urgently need stable policies and sustained R&D investment. Otherwise, we risk cutting off the research and innovation pipeline that contributes so much to the economy.” Read the full article, here: https://lnkd.in/e2Dk4hT7 #rdinvestment #researchanddevelopment #innovation #budget2024 #economicgrowth #ukeconomy #scienceandtechnology

Research, Innovation, and Technology Brief Summary of the UK Government Autumn Budget 2024: 📅 Long-term R&D Budgets - The government will set 10-year R&D budgets at the Spending Review, with funding protected against inflation. 🌍 Innovation Accelerator Expansion - Programmes in Greater Manchester, West Midlands, and Glasgow City-Region will be extended, though details on funding and potential new locations are still pending. 🔍 Technology Adoption Review - A review will identify barriers in business tech adoption, focusing on both current and emerging technologies. Ecosystem leaders are encouraged to contribute insights. 🎓 University Spin-Out Support - £40 million over five years to support university spin-outs, with “proof of concept” funding and enhanced researcher support. Stakeholders are invited to define effective support strategies. 📊 National Data Library - Confirmation of a National Data Library aims to improve data accessibility for R&D and innovation projects. 🛠️ Multi-Year R&D Missions - At least £25 million in 2025/26 will go towards a new, multi-year R&D Missions programme; specific focus areas are yet to be finalised. 💻 Digital Innovation in Public Services - The Department for Science, Innovation and Technology (DSIT) will lead on digital transformation across public services, backed by an £80 million investment in corporate function improvements. 🏭 Sector-Specific Funding - Continued investment in key industries – including Automotive, Aerospace, Life Sciences, and Manufacturing – to advance Industrial Strategy goals. 💰 R&D Tax Relief - R&D tax relief schemes will be retained, providing ongoing support for sector innovation. 🎥 Visual Effects Tax Relief - A new tax relief scheme to support growth in the visual effects industry, promoting digital and creative innovation. For more in-depth details on the Budget, visit the Government website: https://buff.ly/3NIPxHw #Tech #Economy #Budget

Today’s #Budget announcement marks a significant step forward for the UK’s industrial landscape. The Government’s commitment to a modern #IndustrialStrategy is a promising development, particularly for sectors like advanced manufacturing, clean energy, and life sciences. This focus sets the stage for the UK to become a global leader in new technology and job creation. The substantial support for life sciences and pharmaceuticals is especially noteworthy for the North East and South East. Increased funding for the National Institute for Health and Care Research, along with the new Life Sciences Innovative Manufacturing Fund, will drive innovation and attract cutting-edge businesses to the UK. Moreover, the emphasis on research and development is a critical component of this Budget. Long-term funding for key sectors and robust support for R&D will not only spur innovation but also create high-quality jobs, propelling the UK towards a more prosperous and technologically advanced future. What did you think of the Budget? What does it mean for you? #Budget2024 #IndustrialStrategy #Innovation #LifeSciences #AdvancedManufacturing #CleanEnergy #JobCreation #UKEconomy

The 2024 budget has been unveiled, bringing a mix of strategic investments, policy shifts, and fiscal measures aimed at driving sustainable growth and economic stability. #Budget2024 #EconomicGrowth #SustainableFuture #Innovation #Infrastructure #Healthcare #Education #DigitalTransformation

Watching coverage of yesterday's #springbudget2024, it would be easy just to focus on the politics. Have the Tories done enough to win over voters hit by the cost-of-living crisis? How will Labour respond to tax cuts which undermine their spending plans? Will the budget drive any kind of change in the polls? But what may be more interesting is what the budget means for key sectors like life sciences. In our latest blog, Jack Fleming takes a look, and asks whether investment can help UK life sciences compete globally. Follow the link in the comments to read more, and let us know whether you think yesterday's announcements genuinely signal a new commitment to investing in UK life sciences.