Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Government is taking to amend the existing R&D tax credits scheme to expand qualifying criteria to encourage larger companies to invest in research and innovation.

At Budget 2021, the Chancellor announced a review of R&D tax reliefs, supported by the publication of a wide-ranging consultation on the nature of private-sector R&D investment in the UK, how that is supported or otherwise affected by the R&D tax reliefs, and where changes may be appropriate.

The consultation closed on 2 June and next steps will be set out in due course.