The Chancellor of the Exchequer, George Osborne, gave some good news to small UK businesses in the government’s Autumn Statement, announcing, £75m in funding for assist SMEs to develop, demonstrate and sell new products and services.
The news will be of relief to small business owners, who are being squeezed at every angle by rising operational costs, falling customer spending and growing inflation.
In addition to this good news, up to £200m will also be invested in Science and £25m in “large-scale technology demonstrators”. From 2013 tax credits will also be available for companies, reducing the amount of tax on their net income, in a bid to encourage research and development.
Osborne will also provide £145m for the high-performance computing industry; this will be used to fund data storage, software and wide bandwidth networks to help put the UK amongst the worlds best on the tech map
We at Gradwell welcome the news on tech funding and help for SMEs, with our Managing Director Peter Gradwell saying:
“We should champion our status, as a country, as a centre for innovation. The nation’s tendency toward modesty and the resulting reluctance to celebrate success needs rethinking. Failure to step up and acknowledge where we excel isn’t helpful; time to salute British innovation, focus and hard work! “
For a summary of the key outcomes from the autumn budget announced on Monday 28th November, please visit the BBC website.
(Image by Freddan212)