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CaSE responds to the Spring Statement 2022

23 Mar 2022

The Chancellor has today published his Spring Statement, which includes announcements on reform to R&D tax credits and underlining the government’s targets on public R&D investment.

Commenting on the Spring Statement, CaSE Executive Director Professor Sarah Main said:

“Today’s announcement by the Chancellor to reform the R&D tax credit system is a welcome move and one that CaSE has long-called for. A supportive and flexible R&D tax credit system is crucial to inspire greater private sector investment in R&D and power up the entire innovation ecosystem.

We are pleased that the government are listening to the concerns of the sector and have today offered specific measures on R&D tax relief, for example on overseas R&D activity. As the government have rightly recognised, R&D has a vital role to play in driving forward prosperity and productivity for the whole of the UK, if properly supported and funded by all parts of Whitehall.

But on the bigger picture there are storm clouds gathering. The government have today reiterated their ambitious targets for overall public investment in R&D but progress towards these risks being blown off course by rising inflation and a worsening economy. As the economic outlook changes, we’re calling on the Chancellor to set out further measures to protect the government’s ambitions for R&D from losing steam and ensure that science and innovation plays its full part in the UK’s future growth.”