The Financial Secretary to the Treasury and Paymaster General has confirmed that, over the last year, small businesses have received almost £3 billion worth of support from the government.

Official statistics released today confirm that British businesses investing in the research and development sector have received around £2.9 Billion in funding from the government over the last year. This level of funding has allowed Great Britain to strengthen their stance as industry leaders in the field of science and technology.

This news will make for good reading for small businesses in the research and development off the back of the 2017 general election, in which business rates increased along with national insurance rates and a change to tax dividends. Small businesses will now breath a collective sigh of relief as the treasury shows its support to the industry.

An official statement from Mel Stride, the Financial Secretary to the Treasury and Paymaster General, read: “From manufacturers to scientists, Britain’s brilliant entrepreneurs are leading the way in technology and innovation.

“We will continue to support these businesses so that they can promote growth across the country and compete in the global economy.”

As reported by Business Matters Magazine, the level of investment into the industry of research of development has now reached a record high, according to the governmental statistics. As well as funding levels, claims made by small businesses have also risen by 22 per cent to 21,865, with most of the increases since last year down to first-time small business applicants.

Small businesses in the research and development sector have also been subject to greater success in the form of tax relief. randd uk have a one hundred percent success rate with companies looking for help with their tax credits applications, so if your business is carrying out research & development activities, contact us today on 01332 477 070 to speak to one of our advisors. You can also leave us a message via our online form, just head over to our contact page.