Sherrie is delighted to see that the government is taking several measures to grow the UK economy and commented, '‘These will provide a wide variety of jobs across the UK and help invigorate local economies. Developing innovative business and technology will only benefit Britain and its push to attract more foreign investment, our drive for energy self-sufficiency and reducing our carbon footprint. It also presents a great opportunity for our school leavers, with training and apprenticeships in industry across the country.’'
Measures include:
* Tax cuts for businesses amounting to £25 billion over three years. Companies will receive 100% first-year relief on new qualifying investments in plant and machinery, with taxes cut by up to 25p for every pound invested. The UK will have the lowest Corporation Tax rate in the G7, incentivising investment and maintaining its appeal as an attractive place for businesses to grow.
* Support for the R&D sector with increased funding and recognition of its role in economic growth and job creation. Small and medium-sized businesses will benefit from a simplified tax system, allowing them to focus on growth. A systematic review into taxes paid by smaller businesses and a consultation to expand the 'cash basis' are being announced.
* Investment in nuclear energy to bolster energy security and achieve Net Zero by 2050. Great British Nuclear will launch a competition to build Small Modular Reactors in the UK and include nuclear energy in the green taxonomy.
* Funding of up to £20 billion for the early deployment of carbon capture usage and storage, aiming to unlock investment and job creation in regions like the East Coast, North West of England, and North Wales.
* Launching 12 Investment Zones across the UK to catalyze high-potential, knowledge-intensive growth clusters, stimulating economic growth and creating new jobs.
Sherrie added, ''These initiatives aim to create a favourable environment for businesses to invest and thrive, foster innovation through research and development, and promote sustainable energy solutions to address climate challenges while fostering economic growth''
