Byrne demands answers following government ‘caving in’ on patent box – 19 November 2014

by Liam Byrne | 19.11.14 | in: Economics, Foreign Policy, National news, Tories, Uncategorized, Universities, Science & Skills, Westminster

 

Byrne demands answers following government ‘caving in’ on patent box

 

The Tory-led government have decided to cave in on a core part of the UK’s science policy.

 

This is concerning news, particularly as the latest figures from the Campaign for Science and Engineering show that the UK currently “performs poorly” compared to other countries when it comes to private sector investment in R&D.

 

The Treasury has conceded to German demands to make modifications to Patent Box, a tax incentive for companies commercialising research in the UK. The deal was made between UK and German officials at the G20 summit in Brisbane last week. Ministers have not released full details of the impact of the changes to Patent Box.

 

Liam Byrne said:

 

“Just last month ministers declared that Patent Box would “transform” Britain’s life science industry. Now we learn the government caved in to German pressure to change it. Ministers must come clean and confess what this change will mean for our crucial life science industry. We can’t have our science base threatens by the Tories isolation on the continent.”

 

 

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