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UK business plans to swap grants for loan to hit R&D

byCustoms Today Report
26/10/2015
in Uncategorized
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LONDON: Ministers are considering proposals to replace research grants to industry with loans, in a move that business leaders fear would damage Britain’s ability to innovate.

Converting some or all of the £600m annual innovation budget into interest-paying loans is one option being considered by officials at the Department for Business, Innovation and Skills, as they seek spending cuts of between 25 and 40 per cent over the next five years as part of the autumn spending review.

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