Published: November 26, 2025 at 2:41 pm
For the tech sector, leaving R&D tax credits alone was a good outcome. SMEs need certainty and stability if they are to plan for the future effectively – and this isn’t possible when policy and taxation are constantly changing, so the Chancellor was right to avoid the temptation to tinker with this.
Similarly, the fact that some form of ‘wealth tax’ wasn’t introduced is good news, even if the broader tax landscape has become less favourable across the past two Budgets.
A targeted wealth tax would likely have a negative impact on private investments – such as the availability of private equity and VC funding for high-growth startups – making it counterproductive for productivity and economic growth.