In a packed House of Commons, the chancellor outlined a range of measures and funding allocations. Here is a summary of what UK manufacturers need to know:
- £270 million to launch the Industrial Strategy Challenge Fund
Initial funding will support research and innovation in universities and businesses. It will focus on areas including the development of artificial intelligence and robotics that will work in extreme environments, like offshore energy, nuclear energy and space. It will also focus on areas including designing and manufacturing better batteries for new electric vehicles and improving medicine manufacturing technologies to speed up access to drugs.
- Investment in technical education for 16-to-19 year olds rising to over £500 million
From 2019, new T-levels for technical students aged 16-to 19 will be introduced. Students will be able to choose from 15 different routes such as digital and construction. Training hours for these students will also increase by over 50%, and as part of the course, all students will take part in an industry work placement. Maintenance loans for students doing higher-level technical courses at National Colleges and Institutes of Technology will also be provided by the government – like those already available to students at university.
- £300 million investment for new academic research placements
A total of 1,000 new PhD places will be provided by £90 million, including in science, technology, engineering and maths. In addition, a total of £210 million will create new fellowships, including programmes to attract talent to conduct research in areas such as biotechnology, quantum technologies, and satellite and space technology.
- New ways to protect consumers
This will include making terms & conditions simpler and cleaner, including in digital contracts, and fining companies that mistreat or mislead consumers.
- A new strategy to make the UK a world leader in 5G technology
£16 million for a national 5G Innovation Network to trial new 5G technology, and £200 million for local projects to build fast and reliable full-fibre broadband networks.
- Small Businesses under the VAT threshold get an extra year to prepare for MTD
Unincorporated businesses (businesses owned privately by one or more people) that have an annual turnover below the VAT registration threshold will have until April 2019 to prepare before Making Tax Digital (MTD) becomes mandatory.
- £435 million to support businesses affected by the business rates relief revaluation
No small business that is coming out of small business rates relief will pay more than £600 more in business rates this year than they did in 2016/17. Funding for local authorities will allow them to provide £300 million of discretionary relief to provide help to businesses most affected by the revaluation.
To see the chancellor’s speech in full, click here. To find out what other announcements were made, click here.
