Comment from CDDC in reaction to the Budget announcement

 Stewart Watkins, managing director of County Durham Development Company (CDDC), Durham County Council’s bridge to the business community, said the Budget was good news for County Durham’s businesses, particularly science and technology companies that would benefit from the measures to support with research and development.

 Mr Watkins said: “The Budget announcement contained measures that will significantly benefit businesses operating in the science and technology fields in particular, which is a great boost for Durham’s innovators.

 “The increase in small company R&D tax credit – 200 per cent this year and 225 per cent next year – underlines the role that innovation must play in securing the future of the UK economy. County Durham, via the North East Technology Park (NETPark) and its wider community NETPark Net – is well placed to take advantage of this.

 “The measures, which will see some £100m invested in new science facilities, maintenance and equipment, demonstrates the Government’s commitment to supporting centres like NETPark, and is a ringing endorsement of Durham County Council’s investment in the facility, and the work it has done in preparing this part of the country to take advantage of the opportunities these sectors represent.”

 He added: “Overall, the measures promise to be good news for the County Durham and North East business community.  With a reduction in corporation tax, additional support for exporters and a simplified process for businesses looking to grow their staff numbers, as well as increased investment in apprenticeships, I am hopeful that the county’s economy will benefit.”

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