Jonathan Prescott, partner at Praetura Ventures, commented on the Spring Budget

The changes to the research and development (R&D) tax credit scheme are an example of giving with one hand while taking away with the other. It’s not yet clear which businesses will qualify for the enhanced credit package, so it’s likely huge swathes of Britain’s SME community – that would otherwise be primed to invest in innovation – will now have limited access to the support. By incentivising larger businesses more than the wider start-up community, the Treasury risks undermining the Chancellor’s vision to “make the UK home to the next Silicon Valley.”

“In a more welcome development, the news that the £1m prize for most innovative AI research will be dubbed the ‘Manchester Prize’ is a great recognition of the region’s momentum in this space, and a tribute to the many pioneering early-stage businesses based here.”