Spring Budget 2017: Technology-related initiatives

On 8 March 2017, Chancellor Phillip Hammond presented the first and last Spring Budget, setting out the UK government's tax, spending and borrowing plans. It remains to be seen whether the Government will follow through with all of these relatively long term plans given the outcome of the General Election.

The main technology-related announcements (some of which are new, some of which expand on announcements made in the Autumn Statement 2016), are set out below:

• Disruptive technologies: A new Industrial Strategy Challenge Fund will see £270 million invested to support the development of disruptive technologies such as biotechnology, artificial intelligence, robotic systems and electric vehicles in 2017-2018.
• Digital infrastructure: By 2020-2021, £740 million of the National Productivity Investment Fund, (which will be invested in priority transport, digital communications and R&D programmes), will be invested to support the next generation of mobile and broadband communications.
• 5G: £16 million will be spent on a new 5G mobile technology hub that will run trials and demonstrate 5G applications. Read more about the government's 5G strategy in our Communications and Media e-bulletin here.
• Full-fibre broadband networks: £200 million has been allocated for local projects to leverage private sector investment.
• Science and innovation: £300 million will be invested to support research talent, including 1000 new PhD places and fellowships focussed on STEM subjects - "to enhance the UK's position as a world leader" in the field.
• R&D: Changes will be made to the R&D Expenditure Credit to increase certainty and simplicity of claims, and action will be taken by the government to improve awareness of R&D tax credits among SMEs.

Click here to access the Spring Budget 2017.