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High tech industries to receive grants totalling £2.5bn
Yesterday’s presentation of the Budget revealed that substantial amounts
of government funding is to be granted to the technology industry. The
Chancellor’s investments plans for 2009/10 specifically mentioning
advanced manufacturing, digital communications and energy efficiency car
and building design.
As a means of combating recession by
inspiring industry growth, the Budget allocates investment grants to
business as well as environment preserving schemes and alternative
energy to support those industries. The government has also committed to
implement the improvements outlined in the Digital Britain Report
regarding broadband communications infrastructure.
John Higgins,
director general at IT and manufacturing industry body Intellect, told
Electronics Weekly: “The Chancellor is right to try and paint a picture
of how technology can provide the high value jobs and economic growth of
the future.”
The grants total £2.5bn, with £1.5bn invested
in new eco-technology initiatives, and an additional £1bn in direct
support of high tech companies. Specific projects or investment numbers
were not mentioned in the plan, but further breakdowns of the
ecology-related investment plans show £405m granted to companies who
invest in energy-efficient manufacturing technologies, £435m of
additional support for energy efficiency schemes, £525m for new-offshore
wind farms, and £100m for local authorities, to be used in construction
of energy efficient homes.
In addition to the grants, the Budget
also introduces a doubling of capital allowance to 40%, as well as
measures to help loss-making companies claim back more taxes paid in the
last three years.
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