Chancellor Jeremy Hunt sought to lure global enterprise back to Britain on Wednesday, in a budget aimed at catching up with major economies that have left the UK behind in investment and productivity.
Mr Hunt offered incentives to the financial, medical, energy and artificial intelligence industries in a bid to make Britain the “best place in Europe for companies to locate, invest and grow”.
His budget measures included tax deductions for information technology and machinery, a £1 million ($1.2 million) prize for AI breakthroughs and a promise that investment in nuclear power will be classed as environmentally friendly.
A plan for a dozen low-tax investment zones was described by Mr Hunt as a vision for “12 potential Canary Wharfs”, emulating the transformation of London’s former docklands into a major financial centre.
However, Mr Hunt disappointed some Conservatives by confirming that corporation tax will rise from 19 to 25 per cent from next month.
Reaction to the budget was mixed. The nuclear industry celebrated its new green badge, but retailers said too little was done to improve the skills of Britain’s workforce.
Mr Hunt said his incentives would narrow a gap in business investment that he blamed for a lack of British productivity, compared to the US, France and Germany.
“To be Europe’s biggest defender of democracy, we must build Europe’s most dynamic economy,” he told MPs after announcing an extra £11 billion ($13.24 billion) in defence spending.
Nuclear option
The nuclear announcement means investors in atomic energy will be able to claim that their money is going towards a green cause.
This is because nuclear energy is to be included in the UK’s “green taxonomy” — a rule book on what counts as sustainable.
It follows a similar green designation by the EU last year, which passed despite fierce objections from campaigners.
The idea is to encourage investment in nuclear power and have it generate up to a quarter of the UK’s electricity by 2050, under the watch of a new body called Great British Nuclear.
Sam Richards, a former Downing Street adviser and the founder of pro-growth campaign group Britain Remade, said ministers should also speed up the approval process for reactors.
“All the money in the world won’t make a difference if it takes Great British Nuclear years to release a list of sites where small modular reactors could be built,” he said.
Investment zones
Mr Hunt’s vision is for eight investment zones in England and four in the rest of the UK, with an especially favourable business climate.
They are separate from the freeports set up with simpler customs laws by Prime Minister Rishi Sunak when he held Mr Hunt’s job, such as the UAE-backed Thames Freeport.
Under the new programme, areas will be invited to apply for £80 million in funding that they could use to reduce local tax rates or invest in skills and businesses.
Applicants will have to show how they intend to foster innovation in Britain and contribute to the UK’s climate change goals.
The idea is not new — Tory MPs fought to take credit for it during last year’s leadership race — but it has been “refocused” on 12 areas under Mr Hunt.
Past projects such as Canary Wharf “showed what’s possible when entrepreneurs, government and local communities come together”, Mr Hunt said.
“Today, I announce that we will deliver 12 new investment zones — 12 potential Canary Wharfs.”
Artificial intelligence
Mr Hunt announced “around £900 million” ($1.1 million) in funding for a single, highly powerful supercomputer.
Known as an exascale computer, it could make as many calculations in a second as a person could do in 32 billion years.
The aim is to give British scientists the “computing horsepower” they need to make AI breakthroughs and put the UK “at the forefront” of technology such as ChatGPT, the government said.
A prize of £1 million a year will be awarded for the next decade to the scientists who produce “the most ground-breaking AI research”, Mr Hunt said.
Spring budget 2023 — in pictures
Life sciences
Another flagship sector, life sciences, was offered tax relief by Mr Hunt as part of the government’s plan to make Britain a “science superpower”.
Mr Hunt announced a package worth £500 million ($601.3 million) in support for businesses with large research and development costs, such as cancer drug companies.
However, Mark Smith, an R&D expert at consultancy Ayming, said only about 8,000 businesses would benefit from an initiative that would leave some companies with a “cliff edge of funding”.
The medicines regulator that examined Britain’s Covid-19 vaccines will, meanwhile, be given £10 million ($12 million) in extra funding to speed up its approval process, Mr Hunt said.
Business taxes
Not on the table in Mr Hunt’s budget were headline tax cuts of the type promised last autumn, then aborted, after they caused such chaos that Liz Truss had to resign as prime minister after 49 days in office.
It means corporation tax will rise, but Mr Hunt offered a sweetener in the form of a “full expensing” policy that means 100 per cent of money spent on IT equipment or machinery can be deducted from taxable profits.
The three-year offer replaces a “super deduction” of 130 per cent that was due to expire this month.
Mr Richards of Britain Remade said the deduction could boost investment in wind and solar power, at a time when the US and EU are planning to spend heavily on renewables.
“But investments require planning,” he said. “Businesses need to know they can rely on investment relief being there in three years’ time. This is why the Chancellor should move quickly to make the new system permanent.”
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
SHAITTAN
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Company%20profile
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Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
Mohammed bin Zayed Majlis
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The five pillars of Islam
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
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Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
A Long Way Home by Peter Carey
Faber & Faber
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The Kites
Romain Gary
Penguin Modern Classics
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The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Racecard
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Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
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Mohammed bin Zayed Majlis
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Zayed Sustainability Prize
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
COMPANY%20PROFILE%20
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MATCH INFO
Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)
Kolkata won by 31 runs
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
