Saving money
One of the Sunday papers reports that the Treasury is planning to cut tax breaks for high tech research and development in order to “save money”.
The fact that future growth is dependent on current R&D and investment seems to have passed the Treasury by. But perhaps it should look at the actions of the EU it is spending billions to attract battery factories to the continent, we had BritishVolt.
It is not rocket science, well in this case it sometimes it is rocket science, but if you want new, highly expensive to start up, cutting edge, technology giants you have to invest.
This is therefore not a saving, it is a huge loss. I am pretty sure Treasury officials now this, but our political leaders are clueless and driven to cut headline tax in a pathetic attempt to win the next election and nothing else.
The government which knows the price of everything but the value of nothing; strikes again.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.