Research: Tax Allowances
(asked on 13th June 2025) - View Source
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, what recent discussions he has had with the Chancellor of the Exchequer on the potential impact of tax reliefs for research and development on economic growth.
Answered by
Feryal Clark
Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The Secretary of State and the Chancellor of the Exchequer have regular discussions on a range of issues. Research and development (R&D) tax reliefs play a vital role in the Government’s mission to boost economic growth and drive innovation in the UK. Overall, R&D reliefs will support an estimated £56 billion of business R&D expenditure in 2029-30, roughly a 20 per cent increase from £47 billion in 2022/23.