Bath Business News article: RS Reaction

In Autumn Statement, badged as being one for a” country that works for everyone”, there were few surprises. Even so, you do not have to look far to find key announcements that could benefit the Bath business community. The Chancellor has clearly signalled the Government’s aim to prioritise investment in UK innovation and infrastructure by committing additional funds for Research & Development, and for addressing weaknesses in our transport system by tackling congestion, pinch points and digital rail signalling. This is welcome news, not just for the City’s technology sector but for businesses that transact with other parts of the UK.

Notable commitments include a restatement of Monday’s announcement of £2 billion more per year in R&D funding, and £1 billion investment in full fibre broadband and 5G trialling. Not only will our universities benefit but also businesses with R&D projects in areas such as artificial intelligence, robotics and industrial biotechnology. While these are not changes to the existing R&D tax advantaged schemes, we hope that the new spending will mean increased access to grant funding for those in the technology sector and for Bath University (a key local employer.) Improvements in broadband speeds should benefit all businesses across our region.

Bath businesses may have to wait a little longer for the “hoped for” 15% corporation tax rate as Philip Hammond only went as far as to confirm that the main rate of corporation tax would be 17% from 2020, but the projected improvement in Government borrowing may permit a future surprise

Read full article here