UCL Innovation and Enterprise


Budget 2012

22 March 2012

Prof Stephen Caddick

UCL comment from Professor Stephen Caddick, Vice-Provost (Enterprise)
Commenting on the provisions announced by Chancellor George Osborne in the Budget today [Wednesday 21st March 2012], Professor Stephen Caddick, Vice-Provost (Enterprise) said:

“The real difference of this Budget is that it lays the foundations for long-term sustainable growth rather than short-term fireworks.

“Reducing the 50p tax rate will show that the UK is opening its arms to business rather than battening down the hatches and give a strong signal of support to entrepreneurs.

“The National Plan for Infrastructure is a great idea, but needs to be about more than just bridges and roads – knowledge and people are just as important and need to be included. However this will need significant investment and sourcing new capital through a perpetual bond or gilt would be a good start.”

“It’s great to see a recognition of the potential that academia has to contribute to growth through the creation of spin-out companies – for years universities in the UK have been doing this well and it is great to see the Chancellor build on this success and provide specific tax incentives to support our academic entrepreneurs.

“The growth of our cities is a major business opportunity and the UK needs to be a leader in this area – the announcement by the Technology Strategy Board of a Future Cities catapult is welcome.”  Commenting on the effect on students, he added:

“The effects of the Budget appear to be great news for students who are working through vacations to support themselves or improve their employability through paid internships, as it will halve their tax bill if they’re working on minimum wage.”