BIA submission to Spring Budget 2023

BIA has submitted its representation to HM Treasury for the Spring Budget 2023. 

In our submission, we say:

  • The Prime Minister’s and Chancellor’s pro-innovation growth agenda and ambitions for the UK to be a science superpower are very welcome, however, recent announcements and ongoing reviews of R&D tax relief do not match this rhetoric
  • Innovative companies are living through half a decade of instability due to successive and ongoing changes to the R&D tax relief at a time when the UK should be doing everything it can to support start-ups and scale-ups
  • The halving of the SME R&D tax relief at Autumn Statement has already negatively impacted investment decisions, resulted in cancelled hiring plans and movement of investment from the UK
  • We call on the government to delay, for R&D intensive businesses, the SME R&D relief rate cut announced at Autumn Statement 2022 and also delay the refocusing of relief to UK activity announced at Autumn Statement 2021.

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