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Encouraging innovation is a vital component of the Government’s strategy for improving the UK’s productivity performance and competitiveness – alongside boosting entrepreneurship, investment, competition, public sector productivity and the skills set of the UK workforce. However, the Government can only achieve this aim effectively through working in partnership with business. The Government can help by creating a business environment and framework that are internationally competitive, giving businesses the platform from which to innovate. But it is businesses that must rise to the challenge of making the most of these opportunities.
That is why we are pleased to publish this consultation paper, the aim of which is to examine the case for further measures to boost UK innovation – and, specifically, to engage businesses in the design and successful application of a new tax incentive aimed at encouraging innovation by larger firms. Views offered through this consultation will help to shape the Government’s future innovation policy agenda and we therefore hope that a broad spectrum of businesses and other interested parties will respond.
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