The UK government is set to invest significantly in research and innovation, with a commitment of £20.4 billion by 2025/2026, aimed at boosting economic growth and productivity. This includes enhancing gigabit internet access, protecting R&D budgets, and supporting transformative technologies in high-growth sectors. The focus on education, skills, and the life sciences sector is expected to foster partnerships that drive advancements in health and technology, ultimately benefiting communities nationwide.
Rachel Reeves' budget has raised the Energy Profits Levy on fossil fuel firms, expected to generate £300 million annually, but the Office for Budget Responsibility warns it will deter investment. While small businesses benefit from targeted support, the overall fiscal measures are seen as a blow to larger firms, with national insurance contributions increasing. Despite record tax revenues, unprotected departments face real-terms cuts, raising concerns about future spending.
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