On March 20, Chancellor of the Exchequer George Osborne announced the fiscal 2013 UK budget, which takes effect April 1. The budget will provide £1.6 billion ($2.4 billion) to support 11 strategies the government outlined in September 2012, including life sciences, agricultural technology, and oil and gas, although the amount each will receive is not finalized. The Technology Strategy Board’s Small Business Research Initiative will be expanded to several departments, with the intent of increasing the value of contracts for small businesses from £40 million in fiscal 2012 to £100 million in fiscal 2013 and more than £200 million in fiscal 2014. Tax credits for R&D spending by large firms will increase from 9.1% to 10%. Among departments, the budget for the National Health Service will increase 3.9% to £106.9 billion. The Department of Energy and Climate Change’s budget will receive a 16.7% boost to £1.4 billion. However, the budget for the Department for Business, Innovation and Skills will drop 3.2% to £14.9 billion. The budget for Environment, Food and Rural Affairs will be flat at £1.9 billion.

Source: HM Treasury