23 November 2017
In the first of the new autumn Budget cycles, Chancellor Phillip Hammond laid out a “steady as she goes” Budget. There were some big announcements for those looking to get onto the housing ladder as well as much needed changes to the universal credit scheme.
There were also some welcome changes to R&D, Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs). There are, however, a number of measures that were announced that are subject to debate and change with over 20 consultations and several changes scheduled for release in 2018.
Other areas we see as a welcome boost from the Chancellor are:
With the Brexit process now eight months in, we weren’t expecting too many rabbits out of the hat and with the OBR downgrading 2017 UK growth to 1.5% from the original prediction of 2%, there was not much wriggle room for big announcements.
The Budget aside, we are seeing some UK firms failing to take basic steps to protect and exploit their own intellectual property. In our recent survey in conjunction with the Manufacturing Technologies Association (MTA) we estimate the total amount lost thanks to UK manufacturing industry’s basic IP failures to be in the “millions”.
We as a firm urge the UK government to increase awareness that IP is an essential element to any business and if not protected or exploited effectively can be disastrous for a growing, entrepreneurial company. Basic, effective IP protection can be achieved easily and cheaply. For a company to fail to do so represents a loss of immediate value and puts future opportunities at risk. Read our survey here.
Sign up to our mailing list to receive Mathys Matters, our monthly newsletter covering the latest IP news, industry insights, events and case law.
If you are interested in receiving quarterly newsletters relevant to our core sector groups - IT & engineering ('Inside Wires') and life sciences & chemistry ('Under the Microscope') - please select your preference(s) below:
Please select your practice area(s) of interest: