The Autumn Budget Statement was delivered by Chancellor Rachel Reeves on Wednesday afternoon, which saw a host of announcements directed at supporting the UK’s tech and business ecosystem.
After a scolding of the commons from Deputy speaker Nusrat Ghani, who expressed concern over excessive leaks, briefings and pre-budget speculation, the chancellor began her statement.
Here are the key points the tech industry needs to know.
‘If you build here, Britain will back you’
Addressing the long-bemoaned scaleup gap, wherein businesses struggle to secure adequate funding to grow beyond early stages before folding or exiting the UK, the chancellor has announced a handful of measures specifically to encourage scaleup growth.
This includes widening the eligibility requirements for programmes including the Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) to broaden access to investment incentives to firms beyond the startup stage.
Looking to offer further encouragement for firms to choose the UK as their destination for a public listing, the chancellor announced a three-year exemption from stamp duty for British businesses going public in the UK.
Additionally, Reeves noted that the government was seeking evidence alongside entrepreneurs to further adjust tax policy to support founders.
“If you build here, Britain will back you,” was the message of the chancellor.
Regional funding
Increasing the financial capacity and autonomy of devolved regions was a particular highlight of the Budget speech, with the headline figure being £13bn in funding for seven mayors to invest in skills, business support and infrastructure.
Regeneration funding will be delivered to various local authorities, including notably £16m to develop a science centre in Darlington.
Recent policy announcements regarding plans for AI growth zones and small modular reactor (SMR) construction in Wales re-emerged, with the chancellor noting that £10m would go towards investment in semiconductor technology within the Welsh growth zones.
The Northern Irish government is set to receive £17m to invest in its advanced manufacturing sector, while Scotland will be given £14m to back “low-carbon technology” initiatives.
Anything else?
Other tech-focused announcements included £300m designated for improving patient care technology in the NHS, plans to deploy digital ID technology to support tax collection and immigration control and investing an additional £200m to support the rollout of EV charging infrastructure.
