Key Takeaways From The 2021 Spring Budget For The Tech Industry
In the wake of today’s 2021 Spring Budget announcement, I’ve noted below what Rishi Sunak’s plans mean for the UK’s tech industry.
The government has revealed changes to the immigration system which will assist ambitious UK businesses struggling with skills gaps for research, science and tech workers.
A new fast-track visa and the expansion of the existing visa programme for scale-ups and entrepreneurs will help attract the best international talent to the UK.
The Future Fund Breakthrough
A new £375 million UK-wide fund has been introduced to oversee the government’s investment in UK tech start-ups.
The fund will offer grants to research and development-focused companies aiming to raise up to £20 million.
Help to Grow Scheme
The new Help to Grow scheme has been created to support SME’s in becoming more competitive in the digital era.
The scheme will offer up to 130,000 UK companies the opportunity to upskill their staff with free digital training, to receive free advice on how to use their technology effectively and a 50% contribution towards productivity software (up to £5,000).
As expected, the Chancellor did not cover anything IR35-related in his Spring Budget announcement. Instead, it is expected that the HMRC and the Treasury will go ahead with the IR35 legislation changes, due to come into effect on April 6th 2021.
Incentive grants for apprenticeships are set to rise from £1500 and £3000, in addition to traineeships receiving an additional £126 million investment. The IT sector has seen an increasing number of jobs created for apprentices, this, in turn, will positively impact the future of the UK’s tech industry and its skill gaps problem.
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