Following the Chancellor’s Spring Budget 2017 update, Menzies Technology sector team have reviewed the impact of Philip Hammond’s announcement upon the UK business services community.
Spring Budget 2017 Comments provided by Anthony Lalsing.
There were no great surprises in the Spring Budget as “spreadsheet Phil” remained true to form, however his cautious approach is probably what was needed as we head towards BREXIT and a period of uncertainty, even if rather uninspiring. The chancellor mentioned early in his Budget speech that there was a clear focus “on keeping Britain at the cutting edge of the global economy” and there were a number of announcements in support of the technology sector. R&D tax reliefs provide a vital source of funding for innovative companies but many are still missing out so the reduction in the administrative burdens around claiming these reliefs was certainly welcome news.
The £300million set aside to support research talent and focus on STEM projects was a positive move and although not going as far as some wanted was a step in the right direction as we look to address the skills shortage, while £270m for disruptive technologies and £16m for a new 5G mobile technology were also good news for the technology sector.
Get more input on the Spring Budget 2017 implications for the Technology sector by speaking to our sector team.
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