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Autumn statement includes sweeping changes to R&D tax credits and continued freeze on aid spending
Chancellor Jeremy Hunt has committed to ringfencing the UK’s R&D budget in his autumn statement, which also included sweeping changes to R&D tax credits and a prolonged freeze on aid spending.
There has been widespread concern that the government would abandon its spending review commitment to increase R&D spending to £20 billion a year by 2024-25 to help plug the estimated £55bn financial “black hole”.