UK launches new incentives for research-focused smaller companies

Britain announced new financial incentives to boost smaller research-intensive companies on Wednesday, in a move designed to help small and medium sized companies in the life sciences sector develop new treatments. "It is a 1.8 billion pound ($2.2 billion) package of support helping 20,000 cutting edge companies who are turning Britain into a science superpower," finance minister Jeremy Hunt said as he presented his budget.

For qualifying companies that spend 40% or more of their total expenditure on research and development, they will be able to claim a credit worth 27 pounds for every 100 pounds they spend Hunt said. ($1 = 0.8280 pounds)