Budget 2016

IOM3
,
18 Mar 2016

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.

Further information

Full budget announcement