Jumpstart, the UK’s leading R&D tax relief firm, has welcomed the Prime Minister’s focus on investing in the UK’s R&D capabilities in the government’s Industrial Strategy.
Launching proposals for a modern Industrial Strategy to build upon Britain’s strengths, the UK government is preparing to offer a variety of supporting mechanisms, such as addressing regulatory barriers to innovation and resultant growth, as well as further supporting and investing in research and development.
Theresa May’s message comes on the back of the Chancellor’s Autumn Statement, in which Philip Hammond declared that he was “investing today for the economy of the future”.
Commenting on the Industrial Strategy, Brian Williamson, Managing Director of Jumpstart said: “We welcome the government’s continued investment in R&D and innovation, as well as a call to do more to commercialise our world-leading science base and intellectual property.
“Furthermore, a cash injection of over half a billion pounds for the Northern Powerhouse is a welcome announcement, which will help to benefit businesses and people in the north.
“However, we would be interested in hearing about how the Prime Minister aims to drive innovation and growth throughout the remainder of the UK, as indicated within the Industrial Strategy. We must take into account recent statistics that illustrate investment in R&D is not evenly spread nationwide.”
Mr Williamson goes on to explain that R&D claims and the amount claimed are mainly concentrated among companies in London and the South East of England, accounting for 19.1% and 17.9% of all claims made respectively.
He continued: “With such obvious disparity from one part of the UK to another, it is imperative to focus not only on the obvious areas of historical innovative-importance, but also on those which can produce results which are just as rewarding, across the whole of the UK.
“The announcement of 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 for its committed levels of investment. We look forward to consulting with the government on it.”
