In the 2016 budget, George Osborne announced tax cuts and a midlands-focused funding for research institutions. See below for the headlines that we believe will be of note to our members. For a full breakdown click here.
Science and Innovation
The Government will allocate at least £50 million for innovation in energy storage, demand-side response and other smart technologies over the next five years.
Backing business and creating opportunity
Support the oil and gas industry will be provided by permanently zero-rating Petroleum Revenue Tax, reducing the Supplementary Charge from 20% to 10% and introducing targeted measures to encourage investment in exploration, infrastructure and late-life assets.
Long-term solutions to long-term problems
Education will be improved by accelerating fairer schools funding and committing to schools in England becoming academies.
Long-term infrastructure improvements will be delivered, by giving the green light to major projects recommended by the National Infrastructure Commission including Crossrail 2, and High Speed 3 between Leeds and Manchester.