“Growth-friendly” Budget welcomed

21 March 2012

Following the Chancellor’s Budget speech for 2012, Professor Sir Peter Knight, President of the Institute of Physics (IOP), has welcomed a range of growth-friendly measures that will benefit physics-based businesses.

George Osborne, UK Chancellor

He said, “For Britain to be Europe’s centre for technological innovation, science-based businesses must be at the heart of the UK’s economic recovery.

“From the £100 million announced to support investment in major new research facilities to a tax system which better rewards the registration of intellectual property, and the introduction of more appropriately targeted R & D tax credits, it does seem that the Government is keen to address many concerns that science-based business leaders have.

“We welcome the Government’s ambition to spur economic growth through the science and technology bases, and commend the steps already taken, but continue to encourage them to be more ambitious. 

“To be scientific and technological leaders in Europe, yes, we need a tax system that rewards innovation but we also need a long-term commitment to greater investment in basic science.

“Our investment in science lags proportionately behind Germany’s, America’s and China’s. For us to ensure our place at the top table, the Government must show its hand with more confidence.”

Detailed information on what the Institute of Physics hoped to see in the 2012 Budget.

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