BUDGET 2002: £400m R&D tax boost
Budget news as it happens
UK businesses are to get tax credits worth £400m to boost spending on research and development (R&D).
It is hoped that the measure will improve the innovation and competitiveness of the UK in an increasingly tough market.
In line with his pre-Budget statement, Chancellor Gordon Brown explained that the tax credits will be available to 1,500 businesses collectively spending over £11bn a year on R&D.