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02/12/04
Pre-Budget Supports British Hi-Tech Industry
Intellect, the trade association for the UK IT, Telecoms and Electronics Industry, has spoken out in support of the Chancellor’s 2004 Pre-Budget Report and its commitment to re-examine the R&D tax credit for mid sized science based firms, and to benchmark the progress of raising business R&D.
Commenting on the Pre-Budget Tom Wills-Sandford, Director of Campaigns at Intellect said, "Industry welcomes any measures which improve the R&D tax credit, and is encouraged by the Chancellor's plans to review the current system and undertaking benchmarking exercises."
"However if R&D is to increase within the UK then this reviewing and benchmarking process must take place across the board, and not focus solely on the medium sized enterprise."
"Until the effective rate has moved out of the 'noise level' for all firms, and closer to the international average of 10 per cent, there will never be sufficient incentive for UK based companies to grow their share of world wide R&D. In addition their ability to produce the innovative products and services that they need to compete in the global economy will diminish and the UK economy will suffer as a result."
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