Labour’s First Budget: "We are protecting record funding for research and development to harness the full potential of the UK"

The government is focused on "protecting record funding for research and development to harness the full potential of the UK".

While the budget includes an overall tax increase, the government's commitment to protecting R&D funding and tax relief should instill confidence in businesses.

Here is a summary of the key quotes:

• "We are protecting record funding for research and development to harness the full potential of the UK"

• "This confirms our commitment to cap the rate of Corporation Tax at 25% - the lowest in the G7 –  for the duration of this parliament (...) and keeping the current rates of research and development reliefs, to drive innovation."

• "We will protect government investment in research and development with more than £20bn worth of funding"

Now that there is greater clarity on the future of the R&D scheme, please get in touch if you wish to discuss (or revisit a previous discussion about) R&D tax or R&D grant funding in more detail!

We offer free and non-binding consultations and are happy to answer any questions you may have.