Materials Processing Institute

Chris McDonald, who is Chief Executive Officer of the Teesside-based Materials Processing Institute as well as Policy Chair for Innovation and Enterprise at the Federation of Small Businesses, said: “The budget has already been characterised as one that will raise revenue whilst cutting spending.

“However, I believe it’s important not to lose sight of small businesses, which are currently coming under great cost pressures, but remain vital to deliver the future growth in the economy that this country needs.

“Accepting the government’s need to raise more money, I hope it will seek to shift the burden away from cash-strapped small businesses and instead bring forward measures that support small business investment, such as positive changes to Research and Development (R&D) tax credit definitions that I discussed while giving evidence at the House of Lords Finance Bill Committee last week.”

ENDS

ISSUED ON BEHALF OF MATERIALS PROCESSING INSTITUTE

MEDIA CONTACT: Andrew Douglas 01325 363 436

Photo caption: Chris McDonald, Chief Executive of the Materials Processing Institute

Notes to editors:

Materials Processing Institute

The Materials Processing Institute is a research and innovation centre serving global steel and materials organisations that work in advanced materials, industrial decarbonisation, the circular economy, and digital technologies.

The Institute has served as the UK’s national steel innovation centre since 1944 having been set up by Sir Winston Churchill’s wartime government just before D-Day to equip the British steel industry for post-war reconstruction. It will celebrate its 80th anniversary in 2024.

Through collaboration with its customers, the Institute provides a range of technology and R&D based services and consultancy. It also has pilot and demonstration facilities and an SME Technology Centre to support supply chain businesses with the development of new technologies and products.

Works with: steel, metals and alloys, chemical processes, aerospace and defence, energy, mining and quarrying, construction, rail, transport, and infrastructure, offshore, subsea, and nuclear.

The Materials Processing Institute includes developments funded through Tees Valley Combined Authority, through the Local Growth Fund (Growth Deal).