UK Tech Firms Say Tax Cuts Could Help UK Economy
UK Technology Firms are calling on the Government to cut taxes in the Information Technology sector.
Intellect, the trade body which represents over 750 technology companies, argues that the UK's technology sector could take over from declining manufacturing and financial services as a means of increasing national economic growth.
It is predicted that if the Government were to accept this proposal, up to 250,000 new jobs would be created in the industry.
"It is now widely recognised that we need to rebalance the UK economy. Rightly, there's a rush towards engineering and manufacturing. But software and technology are also going to be at the heart of growth in the 21st century," said John Higgins, director general of Intellect.
Following the release of the Tory parties "Technology Manifesto," this selection of companies including Alchemy, Iris and Kewill will release their own manifesto later this week proposing the aforementioned tax cuts.
One of the key changes Intellect will suggest is the extension of the R&D policy to larger companies in the technological field. It is predicted that this would not only create many new jobs in the industry but would also encourage business growth in this area and redress the imbalances in the struggling UK economy.
Richard Holloway, a senior team member involved in drafting the manifesto stated earlier this week, "We are not asking for billions of pounds, just for some of the tax incentives to get tweaked a bit."
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