Jeremy Hunt, Chancellor of the Exchequer, introduced in his 2023 Spring Budget that cash spent on IT tools, plant or equipment will be deducted from taxable earnings for the subsequent three years.
He additionally introduced measures to foster the UK’s synthetic intelligence (AI) trade, which he claimed homes one-third of all European AI companies.
He stated he was accepting “all nine of the digital technology recommendations made by Sir Patrick Vallance in the [emerging technologies] review I asked him to do in the Autumn Statement”. These embrace an “AI sandbox” to assist AI firms get their merchandise to market quicker.
Hunt introduced an annual £1m prize, for the subsequent 10 years, for the particular person or group that does the perfect British AI analysis. He known as this the “Manchester Prize”, after the primary ever stored-programme laptop constructed on the University of Manchester in 1948.
Alongside the Budget, the federal government has printed a quantum computing technique, with the chancellor declaring the federal government’s intention to be a “world-leading quantum-enabled economy by 2033” with £2.5bn in funding.
With a nod to Michael Heseltine’s promotion of Canary Wharf and Liverpool Docks as regeneration tasks, throughout the years of the Thatcher and Major Conservative governments, Hunt introduced 12 investment zones, to be based mostly within the West Midlands, Greater Manchester, the north-east of England, South Yorkshire, West Yorkshire, East Midlands, Teesside and Liverpool. There may also be no less than one in Scotland, Wales and Northern Ireland, he stated. Each zone could have a college teamed with an area authority, he stated, and can have the ability to entry £80m in central authorities help.
Hunt introduced a dedication to offer £900m to place into apply the suggestions within the Future of compute review for an exascale supercomputer. The full Spring Budget report – identified to the cognoscenti because the “red book” – famous that “according to the independent Future of compute review … the UK’s most powerful computer ranks just 28th in the world”.
The purple ebook stated of the federal government’s quantum technique: “[It] sets out a new and ambitious quantum research and innovation programme. The government will invest a total of £2.5bn over 10 years, focusing on realising four goals: ensuring the UK is home to world-leading quantum science and engineering; supporting businesses through innovation funding opportunities and by providing access to world-leading R&D facilities; driving the use of quantum technologies in the UK; and creating a national and international regulatory framework.”
Gerard Grech, CEO of Tech Nation, welcomed the Budget bulletins. “Today’s Budget is a positive indication of the UK government’s commitment to becoming a science and technology superpower. We welcome the measures aimed at supporting the UK tech industry, including the introduction of additional tax support for R&D and the announcements on an AI sandbox and ambitious quantum investment,” he stated.
Commenting on the UK’s place between two financial powerhouses, the US and the EU, Grech stated: “We must harness innovative regulation that will enable us to propel ourselves as an international hub and leader for AI, quantum computing and deep tech.”
“Today’s Budget is a positive indication of the UK government’s commitment to becoming a science and technology superpower. We welcome the measures aimed at supporting the UK tech industry” Gerard Grech, Tech Nation
The UK Parliament’s Science and Technology Committee chair, Greg Clark MP, stated: “I welcome the massive concentrate on science and expertise on this Budget. Sustained investment in analysis and improvement is essential to boosting financial development. That is why right now I known as for a speedy decision of the query of the UK’s affiliation with Horizon Europe.
“I’m happy the federal government has introduced additional backing for quantum applied sciences. The Science and Technology Committee can be launching an inquiry tomorrow to scrutinise the effectiveness of the federal government’s quantum plan up to now, and can now embrace the £2.5bn investment introduced right now and the way the UK compares globally on this strategically necessary space.
“I also welcome the publication of Sir Patrick Vallance’s review on pro-innovation regulation of emerging technologies. My committee will look carefully at the review’s findings, especially as we continue our inquiry into the regulation of AI. We hope to question Sir Patrick on his conclusions and recommendations before he departs as chief scientific adviser.”
