Prime Minister announces review to address lack of long-term capital investment and encourage research and development (R&D)
Prime Minister Theresa May spoke yesterday at the Confederation of British Industry annual conference to set out her vision for UK business, including a modern Industrial Strategy.
In her speech, Mrs May announced that the Government would be undertaking a review of long-term investment into British firms:
"I want us to turn our bright start-ups into successful scale-ups by backing them for the long-term," the Prime Minister said.
"To do this we need to better understand where the barriers are, so I am pleased to announce we will launch a new Patient Capital Review – led by the Treasury – that will examine how we can break down the obstacles to getting long-term investment into innovative firms."
The Patient Capital review will be supported by a panel of experts and chaired by Sir Damon Buffini, the former head of the private equity house Permira.
"So we are backing the innovators, and backing the long-term investors," Mrs May continued.
"We will review our Small Business Research Initiative and look at how we can increase its impact and give more innovators their first break.
"Our modern Industrial Strategy will be ambitious for business and ambitious for Britain."
The Prime Minister also pledged more investment in research and development, in an attempt to make the UK a global force in science and technology, "turning our world-leading research into long-term success."
"In the Autumn Statement on Wednesday, we will commit to substantial real terms increases in government investment in R&D – investing an extra £2 billion a year by the end of this Parliament to help put post-Brexit Britain at the cutting edge of science and tech".
The Prime Minister also told business leaders that her goal was for Britain to have the lowest corporate tax rates in the G20 and "a tax system that is profoundly pro-innovation”.
R&D tax credits – money back for innovation
R&D tax credits have proved to be a major boost to British business, but many are still unaware that they can claim the credits to help fund research and development, often incorrectly thinking that their ongoing enhancement of existing products and services does not quality, because “it is just what we do”.
Having helped many businesses across a variety of sectors make significant ‘money back for research and development’ claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Our R&D tax credit specialists are therefore on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
Our partner business, BM Structured Finance, is also available to assist in sourcing the right funding for your business, enhancing cashflow and providing the finance your business needs now to achieve long-term success.