Jumpstart, one of the UK’s leading R&D tax relief specialists, has welcomed the contents of the Industrial Strategy Commission’s report – itself a response to the UK government’s consultation on the Industrial Strategy Green Paper.
The report – ‘Laying the Foundations’ – identifies seven key blocks that the Industrial Strategy must be built upon, with one theme being science, research and innovation.
The Commission has noted that the Industrial Strategy must remedy the UK’s low R&D intensity whilst also addressing the variance in the amount of R&D across each of the regions. It continues to note that a way to increase R&D activity may involve new partnerships between the public and private sectors.
This echoes Jumpstart’s message earlier in the year having called for further clarity on the Prime Minister’s Industrial Strategy. Speaking at the time, Brian Williamson, Director at Jumpstart, said: “We welcome the Prime Minister’s focus on investing in the UK’s R&D capabilities. However, we would be interested in hearing how the government aims to drive innovation and growth throughout the remainder of the UK. We must take into account recent statistics that illustrate investment in R&D is not evenly spread nationwide.”
Companies in London and the South East make up over a third (37%) of all R&D tax relief claims made nationwide. This is in stark contrast to other regions, such as the South West, which only accounts for 7.9% of all claims.
The Commission also highlighted the benefit of the UK’s R&D tax relief scheme, which ultimately, spills over and out to the wider economy.
Scott Henderson, Managing Director at Jumpstart, said: “The Industrial Strategy is a welcome opportunity for UK companies to provide their specialist input on how the government can help reach its economic goals.”
Read the full report here