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the budget 2011: some encouragement for science, innovation and enterprise

24 March 2011

Some encouragement for science, innovation and enterprise was detected in the budget. There is a doubling of Entrepreneurs’ Relief and an increase in tax credit for SMEs which seek to resolve technological or scientific uncertainties or make technological or scientific advancements. Although not all of James Dyson’s recommendations for encouraging innovation were adopted it is a start. Also for those concerned with the science of space exploration, investment of £100m in new research centres was announced. One additional investment caught our eye. Green Investment Bank launch capitalisation increased to £3bn in 2012. The aim of the Bank is to help investors raise money for clean energy projects. Inventors concerned with green projects which may not otherwise receive funding may gain help from the new bank. We thought there was some encouragement for innovators in this budget but will it be enough to repatriate more manufacturing to these shores as the Chancellor hopes.

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