Budget 2023: Chancellor's plans to incentivise science innovation get lukewarm response

The Chancellor's proposal to incentivise innovation, and make the UK a "science superpower" failed to impress Bristol entrepreneurs and drug developers. The government had cut tax credits for research and development from 33% to 18%, causing concern. Although the Chancellor announced an improvement, with a rate of 27%, it is only for companies that spend 40% or more on research and development. Bristol start-ups feel it is still underwhelming, and the emphasis has been on AI, not life sciences. Follow the latest updates here: https://news.sky.com/story/budget-news-latest-jeremy-hunt-chancellor-live-12593360 #budget2023 #ukbusiness #research #taxcredits #jeremyhunt #skynews SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews Follow us on TikTok: https://www.tiktok.com/@skynews For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/ Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí: https://www.youtube.com/channel/UCzG5BnqHO8oNlrPDW9CYJog Sky News videos are also available in German here/Hier können Sie außerdem Sky News-Videos auf Deutsch finden: https://www.youtube.com/channel/UCHYg31l2xrF-Bj859nsOfnA To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales