UK Tory Party's commitment to R&D tax credits welcomed by BIA

On March 9, Sir James Dyson published his 'Ingenious Britain' report on how to make the UK the leading high tech exporter in Europe. The report was commissioned by Britain's Conservative Party, which welcomed Sir James' conclusions.

The trade group the BioIndustry Association (BIA) said it is delighted that Sir James has listened to calls from the life sciences sector and has recommended that the Conservative party retains R&D tax credits if they should win the election. Sir James' report proposes that R&D tax credits be refocused on high tech companies, small businesses and new start ups and that they should be boosted to 200 per cent when public finances allow.

The BIA added that it is further encouraged by Shadow Science and Innovation Minister, Adam Afriyie's comments later that day, at the third Science Debate, that the Conservatives are now committed to retaining R&D tax credits. He said that there was a need to refine and refocus them, but that there was a need to fix the economy before those issues can be addressed.