Materials Processing Institute

Chris McDonald, chief executive officer of the Teesside-based Materials Processing Institute, and policy chair for innovation and enterprise at the Federation of Small Businesses, said: “I welcome the government’s focus on energy, infrastructure, and innovation together with its announcement that the research and development budget will grow by £20bn in 2024-25.”

With the Chancellor also announcing the retention of investment zones, centred on universities in ‘left behind areas’ to build growth clusters, he suggested: “I’d like to see the inclusion of research and technical institutions that also driving the innovation that is crucial to a successful economy.”

He added, however, that the budget would pile more pressure on cash strapped small businesses, with a reduction in the Research and Development (R&D) tax credit scheme. "It surprises me that government is choosing to disincentivise investment in small business innovation, at a time when we most need growth to pay down the debt and provide well-funded public services”

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 80^th 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).