Beef up renewable R&D Tax Credit System
The CBI is the UK’s top business lobby organisation and in a report for businessgreen.com is calling on the Government to support low-carbon innovation in the UK and to help the country’s clean technology industries to keep pace with the US – which is investing heavily in renewable technologies.
The business lobby organisation has released a set of 10 recommendations, which it believes will help support low-carbon technologies and includes taking actions such as beefing up the tax credit system for Research and Development – R&D, which currently allows companies to deduct up to 175% of their qualifying R&D expenditure when working out their profits, as well as providing incentives that will encourage renewable, low-carbon adoptions by the public sector.
John Cridland, CBI’s deputy director-general, stated that Britain does have a great development of expertise in low-carbon technology and research, but commented that this needs to be encouraged and supported by the Government, as well as implementing policies that will help to execute technology advances both in practical and commercially viable ways.
The CBI’s recommendations also included asking the Government to “Use its procurement muscle to drive demand for low-carbon products” it was stated.
Businessgreen.com/ News/ Carbon Trading (UK clean tech needs support to compete with US)