UK's latest Budget increases R&D investment and tax credit

Presenting his first Budget today, Britain’s Chancellor of the Exchequer Rishi Sunak announced that research and development investment will be increased by £22 billion ($28.6 billion), making it the fastest and biggest R&D ever R&D spend.

Overall, the Office for Budget Responsibility (OBR) has said that the Budget was “largest giveaway since 1992” and it will add more than £100 billion to public debt by 2024.

Mr Sunak also announced increased tax relief for companies that carry out qualifying R&D, a measure that increases the rate of the R&D expenditure credit from 12% to 13%, which is expected to affect 7,000 firms, will cost £1.2 million.