Budget announcements can help drive small business innovation
Chris McDonald, CEO, Materials Processing Institute, based in Middlesbrough, has welcomed additional support for SME businesses announced in the 2016 Budget, which he believes can be a catalyst for investment and innovation.
Chris said: The Chancellor's downward revision in the growth forecast is not unexpected, but this did seem to be a Budget that would help SMES. Through our SME Technology Centre and the Materials Catapult proposal we are discussing with Government, the Materials Processing Institute is supporting the growth of technology driven small businesses and we understand the barriers to growth that exist.
“The Chancellor's announcement on business rates and on the future reduction in Corporation Tax will leave more funds available for small business to invest and grow their enterprises.
“The further news on tax allowances for micro businesses and start-ups should encourage greater entrepreneurial activity. It can create clusters of technology-focused micro-businesses that can grow around, and be supported by regional research and development facilities.
“We see this as positive for the materials, processing and energy sectors that we support and for the Tees Valley region, where we are working to attract and grow more SMES in these fields.”
16 March 2016
