Autumn Budget 2021: Chancellor promises greater investment in infrastructure and R&D

Cash increase of 50% to annual R&D spending

Chancellor Rishi Sunak promised large increases in infrastructure and research and development (R&D) spending, representing the largest ever increase in R&D spending.

The chancellor announced today the allocation the first round of bids from the Levelling Up Fund, giving £1.7bn to invest in the infrastructure of over 100 local areas. The fund is the first steps towards concrete movement from the government's Levelling Up strategy, will inlude £170m for Scotland, £120m for Wales, and £50m for Northern Ireland. Sunak also pledged a cash increase of 50% to annual R&D spending by the end of the current Parliament, to reach the government's target to increase R&D spending to £22bn by 2026/27. In addition, he announced a change to R&D tax relief rules...