Budget 2020: R&D tax credits up, but little guidance for the future of UK manufacturing

Posted on 11 Mar 2020 by The Manufacturer
[14:12] Daniel Kirmatzis Institutes of Technology – The government will provide £120 million to bring further education and higher education providers in England together with employers to open up to eight new Institutes of Technology. These institutions will be used to deliver high-quality higher level technical education and to help close skills gaps in their local areas. (1 liked)​[14:13] Daniel Kirmatzis Facilities and equipment to support T levels – The government will provide £95 million for providers in England to invest in high quality facilities and industry-standard equipment to support the rollout of T levels. Funding will support T level routes being delivered from autumn 2021, including construction, digital, and health and science. National Skills Fund – The government will consult widely in the spring on how to use the new National Skills Fund. Apprenticeship Levy – The government will look at how to improve the working of the Apprenticeship Levy, to support large and small employers in meeting the long-term skills needs of the economy. Apprenticeships – The government will ensure that sufficient funding is made available in 2020-21 to support an increase in the number of new high-quality apprenticeships in small- and medium-sized businesses.

With the Coronavirus dominating the headlines, it was predicted that big structural issues like industrial strategy would not feature in this Budget, but the Chancellor did have some announcements that will impact our sector.

The Manufacturer’s view of the Budget 2020 “Under the circumstances of the Coronavirus outbreak, and the need to reinforce its credentials as a ‘levelling-up’ government, this Budget appears to have achieved its primary goals, which were to stabilise the economy at a time of national risk and to start investing in the regions outside London…

This content is for subscribers only. Subscribe now for free to read the full article.