Budget 2023: Chancellor's plans to incentivise science innovation get lukewarm response

The Chancellor's proposal to incentivise innovation, and make the UK a "science superpower" failed to impress Bristol entrepreneurs and drug developers.

The government had cut tax credits for research and development from 33% to 18%, causing concern.

Although the Chancellor announced an improvement, with a rate of 27%, it is only for companies that spend 40% or more on research and development.

Bristol start-ups feel it is still underwhelming, and the emphasis has been on AI, not life sciences.

Follow the latest updates here: https://news.sky.com/story/budget-news-latest-jeremy-hunt-chancellor-live-12593360

#budget2023 #ukbusiness #research #taxcredits #jeremyhunt #skynews

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