Chris McDonald reaction to the Autumn Budget
Chris McDonald, CEO of the Materials Processing Institute, said: “The £123m pledge to the South Tees Development Corporation is a massive boost, which will help rejuvenate the former SSI site in Redcar and help realise the region’s economic potential through private investment that will lead to the creation of more jobs in the area.
“The Chancellor’s increased commitment to R&D was another welcome boost and a good, ambitious starting point. Moving towards spending on R&D to 3% of GDP, in due course, would be more in line with other advanced economies, so I’d like to see this initial 2.4% pledge develop further, which will help unlock the Government’s Industrial Strategy aspirations.
“The rise in R&D tax credits was another measure that will ease the burden on pioneering companies and SMEs investing in innovation to develop new products and processes. However, more collaboration and, in particular, innovation diffusion is required to provide small businesses with the access to finance and research capabilities to support their growth potential.”
22 November 2017
