The UK Government has plans to invest £1billion into cutting-edge technologies over the next four years.
The technologies to be invested into will be:
- Healthcare and medicine;
- robotics and artificial intelligence;
- batteries for clean and flexible energy storage;
- self-driving vehicles;
- manufacturing and materials of the future
- satellites and space technology.
These new projects will create significant opportunities for businesses across the UK and is a step-change in turning research into commercialised products.
The Government’s plan is to create a modern industrial strategy to support the key sectors of the economy and spread jobs, prosperity and opportunity around the whole country.
Through the UK’s Industrial Strategy Challenge Fund an enormous boost to the world-class research and development sector will be provided, to help turn brilliant British innovations into new businesses and jobs.
Chancellor Philip Hammond, says that addressing the UK’s productivity gap is key to raising living standards and ensuring the UK is a match fit to compete in the global economy.
The following funding will help advance the UK’s position as a global leader in developing cutting-edge technologies. Particularly now as the country leaves the EU, determination is high to help Britain’s innovators compete with the best and seize the opportunities ahead.
R&D is vital for the UK’s future prosperity and this R&D funding shows the Government’s determination and commitment to making sure the UK remains at the very forefront of research innovation for years to come.
Please contact one of Swanson Reed’s Specialist R&D Tax Advisers if you are interested in learning more about the R&D incentive and what this can mean for your business.