“From a tech perspective the budget takes with one hand and gives with the other” says commercial partner Simon Stokes.
“The 2% digital services tax on large established digital services companies is politically attractive but a potential disincentive for some of the world’s most dynamic companies to continue to invest in the UK. Other initiatives announced bring welcome funds and support to the industries of the future: quantum computing, nuclear fusion, blockchain, the internet of things, virtual reality, electric vehicle motors and AI/big data are all beneficiaries. The government has allocated £1.6 billion to strengthen science and innovation in the budget. Other measures here include attracting and retaining world-leading research talent through fellowships, continuing to support R&D clusters and further funding for digital catapults. There is also more money for digital infrastructure.”
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