The current tax relief system for Technology Relief and Research & Development doesn't work. It fails to incentivise real investment as simply does not sufficiently change the decision business makes on whether to invest. It allows claims that exceed the actual cost.

Let's stop the wasteful practice of allowing companies to claim more tax relief than they actually spend on R&D. These "super-deductions" don't drive new investment; they just drain the treasury.

This wasteful system should be replaced with direct grants and loans in return for a share of the profits—turning the government into a true partner in success. Any such reform must also ensure that every pound spent on UK-based R&D can still be fully and immediately written off against tax, even if capitalised on the Balance sheet.