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UK's 2011 Budgets and StartUp Britain Initiative are Intended to Grow the Country's Innovation Economy

March 30, 2011
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George Osborne, the UK's Chancellor of the Exchequer, announced the country's 2011 budget including the "Plan of Growth," a package of measures intended to support private sector investment, enterprise and innovation. Several initiatives highlighted in the Plan of Growth include:

  • The Development of a new a new "Technology and Innovation Centre" project focused on high-value manufacturing. According to Manufacturer.com, the center likely is to be the first of six manufacturing and engineering centers supported by a £200 million (approximately $321.2 million) four-year initiative.
  • The government also pledges approximately £100 million (approximately $160.6 million) to invest in new science research facilities.
  • Starting in April 2011, a 200% small business R&D tax credit will be enacted. In 2012, that tax credit will increase to 225%.
  • The country will increase funding to capital relief programs for manufacturers to invest in new technologies.
  • Twenty-one new enterprise zones to be launched where the business will get 100% discount on rates and superfast broadband.
  • The Government will double the funding to expand a program that was intended to create 12 new technical colleges, but now will allow it to create 24 new colleges.

British Prime Minister David Cameron also announced the StartUp Britain "” a program that delivers a benefits package of over £1,500 (approximately $2,400) for every startup company in Britain. This public-private Partnership includes 50 lead companies (including: Barclays, BlackBerry, Experian, Intel, Microsoft, McKinsey & Co. and Virgin Media) pledging millions of pounds in support that will be matched by the government. A web portal will allow business owners and entrepreneurs to access a wide range of existing resources and support. Other measures supported by StartUp Britain include:

  • The development of a partnership with the Peter Jones Foundation to increase the investment into the Tenner Tycoon, " a program that provides £10,000 loans (approximately $16,100) to young people across primary, secondary and further education to gain experience running a business.
  • The creation of the Enterprise Champions Programme to support schools in the development and management of a business.
  • The creation of enterprise societies at every university and most further education colleges to develop a generation with entrepreneurial ambitions and skills.
  • The development of a new online tool that allows small businesses to pitch their ideas on how they could make government more effective and efficient.

Read the press release...