The PLG welcomes the 2022 Autumn statement from Chancellor of the Exchequer, the Rt Hon Jeremy Hunt, MP. The statement contains a number of announcements with potential impact on UK photonics including:
- Preservation of previous commitment to government R&D spending.
- “Public spending on R&D will increase to £20 billion a year by 2024-25, a cash increase of around a third compared to 2021-22”.
- Rebalancing of R&D tax credits, with an increase in the research and development expenditure credit from 13 to 20%, and reduction of the SME additional deduction from 130 to 86%
- Refocus of investment zone program around “knowledge-intensive growth clusters, including through leveraging local research strengths”
- Increasing Catapult centre funding “by 35% compared to the last five-year funding cycle”
- Reduction in Dividend and Capital gains allowance balanced with “increasing the generosity and availability of the Seed Enterprise Investment Scheme and Company Share Option Plan”
A full summary of the Autumn statement is available to regular PLG participants, please contact us about getting involved.