This was a Budget that set its sights on a recovery enabled by innovation. The Chancellor set out how innovation will be essential to make progress with vital issues like net zero and vaccines. He also backed business investment with the Help to Grow scheme and stronger tax allowances via an investment super-deduction. A consultation on modernising the R&D tax credit is also welcome.
Help to Grow vouchers
Government has committed to a new £520m ‘Help to Grow’ package that will offer SMEs discounts of up to 50% on productivity-enhancing software, as well as routes to free expert training through a new website. This represents a significant win for the CBI and reflects a key recommendation from our latest Tech Tracker report which called on the government to tackle the cash and capacity constraints of firms by funding a voucher scheme to improve access to technologies coupled with practical business advice. This announcement is an example of the positive impact member insight can have on shaping policy, and the CBI will continue to work with Treasury, and stakeholders such as Be the Business and the Knowledge Transfer Network, to ensure the initiative is impactful.
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