The BVCA's response to the Spring Budget

Responding to today’s Budget, BVCA Director-General Michael Moore said:

“The Chancellor’s focus on economic growth, science and innovation are the right priorities. Private capital has a vital role to play in driving those ambitions and the announcements today on unlocking capital and continuing reforms to capital markets are hugely welcome. The continued development of the Long term Investment For Technology and Science (‘LIFTS’) and the 10-year extension and further support to British Patient Capital are also positive developments for the UK’s ambitions to become a science and technology superpower.

"The sharper focus on knowledge intensive sectors for R&D tax credits is important. However, the changes to the SME R&D tax credits scheme in last year’s Autumn Statement were disappointing and potentially damaging to the UK’s high growth startups in the short term. The measures announced today go some way in reducing the impact but do not address the imminent funding cuts that many companies will be facing.”

For more information on any of the above, please contact External Communications Manager, Karen Keany, [email protected] or the BVCA Press Office at [email protected].