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Industry bodies call for reform of R&D tax credits

7 November 2011
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Industry bodies call for reform of R&D tax creditsThe current system of tax incentives for research and development (R&D) activity by UK manufacturers should be reformed.

This is the claim made by EEF, the manufacturers' organisation and the Society of Motor Manufacturers and Traders, in news that may interest those in manufacturing management roles.

A report has been published by the two bodies in a bid to generate continuous improvement within the industry by persuading the government to improve access to tax credits for R&D.

Estimates by the business groups suggest that over 31,000 employment opportunities could be created and economic output boosted by £3.1 billion within 30 years if a new system was put in place to attract more investment and bring the UK into line with other nations such as France in terms of tax incentives.

"Encouraging high-value investment and innovation by UK-based companies as well as attracting foreign investment is crucial for ensuring UK manufacturing and the wider economy can continue to grow," EEF chief executive Terry Scuoler stated.

Mr Sculoer recently welcomed better-than-expected gross domestic product data as evidence the UK economy has weathered the turbulence of recent months.ADNFCR-3058-ID-800788243-ADNFCR
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