§ Mr. DalyellTo ask the President of the Board of Trade if he will make a statement on his work on methods of promoting research in industry, pending the next round of inward investment.
§ Mr. Leigh[holding answer 17 February 1993]: The Government seek to encourage companies to invest more in research and development by creating the right climate, for example, by reducing the tax burden on business. The main rate of corporation tax, at 33 per cent., is now the lowest in any G7 or EC country. In addition, the Government provide over £200 million per annum to United Kingdom companies through a variety of schemes designed to stimulate expenditure on research and development, for example, the LINK and advanced technology programmes and, specifically to help smaller companies, SMART and SPUR.
Companies investing in the United Kingdom are fully eligible to participate in these schemes, providing subsequent exploitation benefits the United Kingdom.