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Chancellor puts UK tech centre stage to help drive recovery post Covid

Head of KPMG’s Emerging Giant’s practice, Bina Mehta comments on the Chancellor’s announcement to support innovators in the UK

Bina Mehta comments on the Chancellor’s announcement to support innovators in the UK

Commenting on the Chancellor’s announcement to support innovators in the UK, Bina Mehta, head of KPMG’s Emerging Giant’s practice said :

“The Chancellor put the UK’s tech and innovation businesses centre stage in his budget today, as drivers of our economic recovery and jobs growth.

“Recognising the need to continue to attract highly skilled professionals to keep our tech sector thriving, the new visa reforms are a much needed cut in red tape.  Encouraging tech talent and entrepreneurs to make the UK their home is key as we look to emerge from the economic damage caused by the pandemic.

“The raft of support put forward by the Chancellor, from a new £375m fund and the Future Fund Breakthrough to consultations on reforms to the R&D tax credit, EMI share options scheme and pension fund rules to allow more investment in venture capital, combine to put great confidence in our innovators.

“Supporting those smaller businesses looking to scaleup is vital for our future competitiveness and economic success.  The UK is great at attracting investment for larger, established innovative businesses, attracting over £11 billion Venture Capital investment last year, but smaller startup businesses often struggle to access the finance they need to get to the next stage of growth, so these measures will help as we look to build more global unicorns of the future.”

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For further information please contact:

KPMG Media Relations

Tel:  +44 (0) 207 694 8773

Emma Murray

Mobile: 020 7694 6506

emma.murray@kpmg.co.uk

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.