The UK Government has committed to finding ways to achieve a green and prosperous future. The Department for Business, Energy and Industrial Strategy (BEIS) has a critical part to play in this endeavour. They spent the past year tackling huge challenges brought on by the coronavirus pandemic in addition to working on a comprehensive trade deal with the EU. 

Going forward, one of their 4 key priorities is to Unleash Innovation

To help set the direction of innovation for the foreseeable future, they have outlined the following programmes and projects:

• Deliver primary legislation for the Advanced Research and Invention Agency (ARIA), focused on funding high-risk, high reward research in new and innovative ways.
• Advance the frontiers of knowledge by investing in world-class research and innovation through UKRI and our partner organisations.
• Deliver on our strategic investment in OneWeb, and ensure the Gen 1 satellite constellation is completed in 2022.
• Publish a new Innovation Strategy to drive up productivity and innovation, to support delivery of the government’s wider Plan for Growth.
• Publish an R&D Places Strategy to ensure that R&D benefits the economy and society and contributed to the government’s wider levelling-up ambition.
• Publish a People and Culture Strategy to build a more productive, sustainable, inclusive and dynamic UK R&D sector.
• Publish an ambitious Space Strategy to set out the UK’s vision and goals and provide certainty to the space sector on our long-term plan.
• Launch a £1 billion Net Zero Innovation Portfolio, as announced in the Prime Minister’s Ten Point Plan.
• Continue to support growing sectors such as AI, life sciences, space, emerging technologies and clean energy.
• Develop the delivery plan for the Automotive Transformation Fund launched in 2020, to foster and catalyse investment in the electric vehicle supply chain.
• Deliver the first grants for the Medicines and Diagnostics Manufacturing Fund, to build back manufacturing capability across the UK and protect and create high value jobs.
• In partnership with the Regulatory Horizon Council, deliver on our commitments to support new technology through regulatory reform.
• Through our UK Fusion Programme, lead the commercialisation of fusion energy technology, including publication of a Fusion Regulation Green Paper by the autumn.
• Deliver on our Manifesto Commitment to reform the science funding system, through gathering evidence on reducing bureaucracy in research and publishing a reform timetable.
• Set up a new unit and fund within the BEIS family to scout for and develop government knowledge assets, accompanied by new guidance to support public sector organisations to manage their knowledge assets.
• Working with the Foreign, Commonwealth and Development Office (FCDO), maximise the gains from our Association to Horizon Europe and ensure greater coherence in our international approach to R&D, in order to position the UK at the forefront of global scientific collaboration.

Who We Are:

Swanson Reed is one of the UK’s leading R&D Tax Relief consultancies. We manage all facets of the SR&ED tax credit program, from claim preparation and audit compliance to claim disputes.

If you would like to find out more about how your business could benefit from R&D Tax Credit, contact a Swanson Reed R&D Tax Advisor today.