2 minute read
Briman Voice
BRITISH INNOVATION SUPPORTED IN BUDGET
The first post-Brexit budget was eagerly anticipated as an opportunity to help business build back from the economic impact of COVID, says Mark Alderson
As predicted, the recent budget contained a number of measures aimed at supporting the growth of small and medium enterprises with the potential to increase employment. The biggest winners in the budget are innovative British manufacturers who push the boundaries of technology.
Sunak confirmed that the UK government would provide £375 million to establish the Future Fund: Breakthrough, which is described as “a new direct co-investment product to support the scale-up of the most innovative, research and development intensive businesses”.
The scheme will be overseen by the British Business Bank. The Treasury said (the bank) “will take equity in funding rounds of over £20 million led by private investors, to ensure these companies can access the capital they need to grow and bring prosperity to communities across the UK”.
Skills investment
Sunak also announced two new initiatives to subsidise the cost of upskilling for businesses. The ‘Help to Grow: Management’ and ‘Help to Grow: Digital’ schemes will be operational by Autumn 2021, though the chancellor has encouraged interested businesses to register now.
The Management scheme aims to help tens of thousands of small and medium sized businesses get world-class training from business schools across the UK, with 90% of the cost of the executive development programme to be paid by the government. The Digital scheme will give SMEs access to free expert training to improve their digital skills as well as obtain a 50% discount on new productivity-enhancing software, worth up to £5,000 each.
Hiring help
The budget also included an extension of the apprenticeship hiring incentive across England. This will continue to September 2021 with payments doubled to £3,000. A new £7m flexi-job apprenticeship programme in England was also announced, enabling apprentices to work with a number of employers in one sector, while an additional £126m will go towards 40,000 more traineeships for 16-24 year olds.
The level of spending set out by the government shows just how highly they value a fast economic recovery. Much of this investment is aimed at small business especially in the manufacturing sector, where it is hugely important to support businesses and help them grow. The government has committed and now it is the turn of consumers to back British made innovation.
