Chancellor George Osbourne will be announcing his spring Budget tomorrow. Businesses and the general public alike are waiting on the edge of their seats to find out what will stay, what will be cut, and what’s new for this year.
Over the past few years, technology has been high on the government agenda, so technology companies are hoping for the same tomorrow. Many hope to see investment in research, skills, faster internet speeds and manufacturing, among others. We’ve spoken with some of our readers, thought leaders from UK technology companies to find out what exactly they’re hoping for from the Budget.
Chris Maule, CEO and founder of UK Bond Network, is looking for a clear strategy to ensure MSBs have the appropriate funding options available to them. He argues, “As the government has recently acknowledged, medium sized businesses (MSBs) play a significant part in the UK’s economy and were crucial to our recovery from recession. But in order to achieve the desired ‘Mittelstand’ status, we hope to see measures in the forthcoming budget that will further support MSB growth. As Sajid Javid, the Business Secretary, recently admitted, the government’s policies for MSBs ‘were very thin on the ground’. But leaving mid-sized companies to fend for themselves cannot be allowed to continue. Research suggests that 63% of business with revenues of over £1.1 million are being ‘held back’ due to inability to access finance. With this in mind the Chancellor should continue efforts started in 2013 with the access to finance schemes, as well as incorporating recommendations from the Public Accounts Committee to build a clear strategy ensuring that MSBs are made aware of appropriate funding options for their needs.”
While Managing Director of Think IT Neil Watkins wants to see increased investment in education. He commented, “I’d like to see a commitment to increasing investment in education. For example, more support could be provided for companies wanting to sponsor a STEM Academy. Equally, a Reform on VAT rules for sixth form colleges and FE colleges would mean more money being put back into education. This is ultimately what I’m hoping for!”
As innovative manufacturing practices such as 3D printing continue to rise to prominence, Damian Hennessey, Director Proto Labs shares his hopes for the Budget. “Ideally, we want to see a budget that provides clear support for the British manufacturing industry and its increasing role in high-tech design and development.
“The rise of 3D printing and big data technologies will transform the way businesses manage logistics and production over the next decade and the Chancellor will ideally send a signal that he recognises this. We’d like to hear support for research and development, apprenticeships and training if we want to build a great British manufacturing powerhouse that’s fit for the future.”
From just a small sample, it’s clear to see, better backing for MSB’s and investment in education and training are top of the list for technology companies. It will be interesting to see how the Budget plays out tomorrow and whether any of these demands or predictions are met. Let’s wait and see.
Make sure to check back in with us tomorrow for our post-Budget roundup.