AN OPEN LETTER TO THE CHANCELLOR:
Dear Chancellor,
We, the undersigned, write to warn that the forthcoming changes to the R&D tax credits regime will significantly damage the UK’s startup ecosystem.
From Fintech to AI, ClimateTech to SaaS, the UK is home to a world leading innovation sector. Last year, UK startups raised £24bn, the most of any country in Europe, and the success of this sector has been accelerated by supportive Government policy, especially the R&D tax credits regime.
Recent research from the Coalition for a Digital Economy confirmed that the proposed changes will have a seismic impact on UK startups. Nearly all of the over 250 surveyed founders agreed that the cuts to R&D tax credits would severely impact them, with four in five strongly agreeing that their R&D activities would be slower and more difficult as a result.
On average, UK startups will receive £100,000 less, a cut of 30-40% from previous levels. Coadec also found that three quarters of respondents said that they may not be able to pay staff or meet other business costs as a result of the cuts.
We support your laudable ambition to make the UK home to the next Silicon Valley - but R&D tax credits are a key tool to ensuring we can achieve your goal and we urge you in the strongest terms to address this challenge in the upcoming budget.
Sincerely, the undersigned.
ADD YOUR NAME TO THE LETTER:
THE 250+ SIGNATORIES
Tessa Clarke, CEO & Co-Founder at Olio
Robert Pasco, CEO & Co-Founder at Plend
Carolyn Hicks, Co-Founder at Brill Power
Benjamina Bollag, CEO at Higher Steaks
Ed Steele, Co-Founder at Hoxton Farms
George Brintalos, CEO at Storfund
Chris Bone, CEO at Modulous
Florian Richtere, CEO & Co-Founder at Muddy Machines
Anthony Rose, CEO & Founder at SeedLegals
Iggy Bassi, CEO & Founder at Cervest
Mike Tuchen, CEO at Onfido
Allister Furey, CEO & Co-Founder at Sylvera
Check Warner, Partner at Ada Ventures
Phill Davies, Co-Founder at Magway
Ralph Rogge, CEO at Crezco
Steve Karmeinsky - Director of NetTek Ltd
Frank Breckner - CEO of Finalytic
Edwin Wills - CTO of Toshi Technologies
Jamie Beaumont - CEO of Playter
Clare Brass - Coffee Founder and Chief Product Officer of Bulkify
Chris Padfield - CEO of Deskpro
Alastair Paterson - CEO of Digital Shadows
Peter William Roberts - Co-Director of Countrywide Leisure
Kevin Duffy - Founder of Winnow
Isabella Sumner - CEO of InHaus.ai
Ed Steele - Co-founder of Hoxton Farms
David Thompson - Founder & CEO of Magictab Ltd
Buffy Price - Co-Founder & COO of Carbon Re Ltd
Kevin Beales - Founder & CEO of MySalesCoach
Barrie Hadfield - CEO of Mindset AI Ltd
Nic Brisbourne - CEO of Forward Partners
Sam Cunningham - CEO of PoliMonitor
Tom O'Neill - CEO of FaultFixers
Gunnlaugur Erlendsson - CEO of ENSO
Mauro Cozzi - Ceo of Emitwise
Kendra Quinn - Impact Manager at Notpla
william pelton - CEO of Phytoform Labs
Cameron Orcutt - Co-Founder & CEO of OnLadder
Stewart Reynolds - Chief Commercial Officer of Miribase
Robert Pasco - CEO & Co-founder of Plend
Jack Dow - CEO of Grapevine
Petra Koselka - CEO of Angara Global
Nicholas Heller - Co-Founder, CEO & Chairman of tomato pay (Fractal Labs Ltd)
Jim Fell - CEO of Credit Canary
Todd Clyde - CEO of Token.io
Ravindra Roberts - COO and Co-Founder of PharmaSentinel
Tracey Carr - CEO of eco-shaper
Amaury de Closset - CEO & Cofounder of Limio
Johnson Fernandes - Founder & CEO of Equiwatt Limited
Brian Quigley - Head of Accounting & Tax at TrueLayer
Tessa Clarke - Co-founder & CEO of Olio
Fady Hassanin - Founder of Newnorm
Tom Randle - CEO of Geckoboard
William Thompson - Co-Founder of Time to Spare
Rowley Maggs - Director of Ambue
Carolyn Hicks - Co-Founder, CFO/COO of Brill Power
Neil Morris - CEO of Kelpi
Daniel Honeywell - Partner of EdenBase
Reka Tron - Chief Operating Officer of Multus Biotechnology
Aron Alexander - CEO of WeGift
Hatice Ugurel - Co-founder of Multytude
Sean Donnelly - Co-Founder & CEO of Ripples and CharityBI
Aron Palmer - Chief Data Officer of Pricing Monkey
Ben Maughan - Founder of Add to Event
Dhruv Boruah - Founder/ CEO of Oceanways
Jack O'Meara - CEO of Ochre Bio
Hugo Shephard - Managing Director of Role Models
Matthew Hart - Founder of CarbonShift
Varun Aggarwal - CEO/Founder of Know Your Dosh
Deirdre Mc Gettrick - Founder of ufurnish.com
George Brintalos - CEO of Storfund
Chris Bone - CEO of Modulous
Jamie Wood - Founder of Ambr Technologies
Ian Weston - Co-Founder of The Developer Network
Christopher Priebe - Founder & CEO of Zelt
Huw Davies - Co-founder and Chief Commercial Officer of Ozone API
Leon Rodin - CxO, COO and Co Founder of MyMynd
Henry Majed - Cofounder & CEO of MyMynd
Hanson Cheng - Co-Founder, CEO of The Tyre Collective
Florian Richter - Co-Founder & CEO of Muddy Machines
Cormac Quinn - CEO of loyalBe
Anthony Rose - Founder & CEO of SeedLegals
George Wade - Co-Founder and COO of Zevero
Ben Richardson - Co-Founder and CEO of Zevero
Marcus Greenwood - CEO of UBIO
Adrian Dawe - CFO of UNDO Carbon
Alex Cooper - COO of UNDO Carbon
Petra Koselka - CEO of Angara Global
Dan Turner - Founder of Apilio Limited
XinRan Liu - Head of Science and Research for UNDO Carbon
Sohaib Ahmed - Founder / CEO of &facts
Jim Mann - CEO of UNDO
Tim Geller - Co-Founder of Alectro
Stefano Goria - CTO of thymia
Leo Ringer - Founding Partner of Form Ventures
Laksh Aithani - CEO of CHARM Therapeutics
Maury Shenk - CEO of LearnerShape
Abdullah Hiyatt - Founder & CEO of THETA Trading Systems
Gabriel Isserlis - Founder of Tutti
David Jarvis - Founder, CEO of Griffin
Neil Griffin - Innovation Director of Oxford Innovation
James Mayes - Serial founder of Mind the Product, Exolite, Rodeo
Tonia Samsonova - CEO of Durer Ai Ltd
Per Larsen - Co-founder of Everlearn Holding
Omar Moulani - Director of WeGetDesign
Chloe Smith - Ceo of Tuft Global
allan saud - Director of Pop Golf limited
Jessie Xie -CEO of Law Notion
Thomas Vosper - CEO of a3
Paul Bojarski - CEO of Sceenic
Tom Barltrop - CEO of SuperFi Finance
Rune Sovndahl - Co-founder of 1st Online Solutions
Rick Stuart - CEO of Phoenix Carbon
Anthony Mullally - Founder CEO of Naby Ltd
Satnam Surae - CTO, co-founder of Twig Bio Limited
Damilare Ogunleye - CEO of Clickerance Limited
Stephen Gibbens - Director of Accountech
Hena Husain - Founder of The Content Architects
Perdie Alder - Co-Founder of Hotbed
Joel Davidson - CEO of Positive Accountants
Simon Bulteel - MD/Founder of Cooden Consulting Limited
Blaise Aboh - CEO of Orodata
Eneko Igartua - Director of Kapitalise Ltd
Christopher Sier - CEO of ClearGlass Analytics
Cem Savas - CEO of Plentific
Toby Austin - CEO of Beauhurst
Daniel Syme - Director of Urban Business Solutions
Gaute Juliussen - Co-founder & CEO of Toraphene Ltd
Tunde Kara - CEO of Vendease
Adesina Hammed - CTO of MentSpace, Inc.
Mike Moate - CTO & Co-Founder of Countingup
Angela Brown - CEO of FinFlare Limited
Ian Cornwell - Director of Kraken IM
Ryan Procter - Head of Marketing of Bloc Ventures
Farrah Barber - CEO and Co-Founder of Primordial Ltd
Jevan Nagarajah - CEO & Founder of Better Dairy
Daniel Duma - Director of Optimal Network Ltd
Seb Fenton - CTO of Endurus Technologies Limited
Angus Reid - COO of Countingup
Daniel Hillman - Founder of Jarvo Technologies Ltd
Luis Espinosa - Co-Founder of Sorted
Laurie Tweedale - Accountant of Counting Ltd
Duncan GRIERSON - CEO and Founder of Clim8 Invest
James Carpenter - CEO of SurePulse Medical Ltd
Andy Clarke - CTO of Evidenced
Daniel Stott - CEO of Fortis
Ciara Cronin-Albert - Chief of Staff of Hoxton Farms
Emilia Molimpakis - CEO & Co-Founder of thymia
Mike Potts - CEO of StreetDrone
Anshika Srivastava - Co-Founder: Chief Operating Officer of Apoha Limited
Iggy Bassi - Founder & CEO of Cervest
Ben Nadel - Director of Woodhurst
Rish Sareen - VP Operations of Plum Fintech
Jessica Zwaan - Chief Operating Officer of Whereby
Omair Ahmed - Founder and CEO of Neurometry
Mike Tuchen - CEO of Onfido
Abakar Saidov - CEO and Co-Founder of Beamery
Pawan Lokwani - Co-Founder of Recruitment Smart technologies
Anne-Laure Le Cunff - CEO of Ness Labs
Allister Furey - Co-founder and CEO of Sylvera
Henry Lane-Fox - Founders Factory
Check Warner - of Ada Ventures
Emma Kisby - CEO EMEA of Cogo
Fouad Noor - of ThinkSono Ltd
Rachel Carrell - Ceo of Koru Kids
Neil Herron - CEO and Founder of Grid Smarter Cities
Aranzazu Carmona Orbezo - CTO of Parallel Carbon
Raja Palaniappan - CEO of Origin
Guang Deng - Founder & CEO of iSpent19
Nick Theodore - CEO of VST
Gabriel MacSweeney - Head of Communications for Codat
Johan du Plessis - CEO of tepeo
Adam McCann - CEO of Claimer
Check Warner - Co-founder & Partner of Ada Ventures
Ben Waterman - Co-Founder of Strabo
Kyle Grant - CEO of Oxwash
Carl Olivier - CEO of Sustained
David Brown - Founder of Better Social Media
Alex Appelbe - CEO of Metis Labs
Conor Hamill - Co-CEO of MOF Technologies
Bashir Beikzadeh - CTO and co-founder of Metis Labs
Nicholas Simmons - CFO/co-founder of Naked Energy
Abi Elohim - Founder of BOMADU
vivi friedgut - CEO of Blackbullion
Scott Mowbray - Cofounder of Snoop
Haroun Khan - Founder of JRPass
Phill Davies - CoFounder of Magway
Jason Green - CEO of HolidayFox Ltd
Emma Rogers - CEO of Little Bridge
John Patterson - CFO of Converge
martina king - CEO of Featurespace
Ralph Rogge - CEO of Crezco
Grant Aarons - Founder CEO of FabricNano
Tommy Ricketts - CEO and Co-founder of BeZero Carbon
Katherine Parsons - Founder of SCREENGOLD
Osas Omoigiade - CEO of Deep.Meta
Mark Nicholson - CEO of Vivacity Labs
Matt Bradburn - Founder of The People Collective London Ltd
Darren Dryer - Founder of Greenspace Golf
Michael Magdongon - CEO & Cofounder of Strabo
Richard Pursey - Founder & Chairman of SafeToNet
Victor Riparbelli - CEO of Synthesia
Steven Anderson - Head of CX for Ember
Camille Rougie - CEO of Plural AI
Sai Shivareddy - Co-Founder and CEO of Nyobolt
Pierre Larsson - Founder of Anrize
Ben Leonard - CEO of Life Moments
Rohan Sheth - Chief of Staff of Olio
Dylan Bourguignon - CEO of SO-SURE
Diarra Smith - Head of Portfolio & Brand of Ada Ventures
Alex Schlicke - CEO of ZUoS Ltd
Petros Christodoulou - CEO of Save All
Jemma Stacey - CEO of FINDS
Sam Hunt - Head of Finance of Loqbox
Gregor Mowat - Co-CEO and co-founder of Loqbox
Dom Hallas - Executive Director of Coadec
Benita Nagel - CEO of Nuntius Therapeutics
Jeff Lynn - Chairman of Seedrs
Daniel Korski - Co-Founder & CEO of PUBLIC
Jacob Nathan - Co-founder/CEO of Epoch Biodesign Ltd
Julia Li - CEO of Micrographia Bio
Martin Sweeney - CEO of Ravelin
Glenn Smith - Founder and CEO of Roqqett Ltd
Maximilian Jamilly - Co-Founder of Hoxton Farms
Arne Scheu - CEO of LiliumX Ltd.
Matthew Philson - COO of Office & Dragons
Dev Amratia - CEO of nPlan
John Waite - Co-founder and CEO of Phycobloom
Candide Kirk - Founder of Novellic
Param Kumar - CEO & Co-founder of AgileRL Ltd
Nicholas Ustaran-Anderegg - CTO of AgileRL
Abi Freeman - Founding Partner of Brink
Ralph Weir - CEO of Zayndu Ltd
Connor Gurney - Founder & CEO of Gurste
William Mason - CEO of Infact Systems Ltd
Joanne Warren - MD of Lumo.Tax Limited
Samandip Dhesi - CEO of Popp
James Cochrane-Dyet - Founder / COO of Popp
Andrew J - Founder of 7percent Ventures
Lewis Liu - Founder & CEO of Eigen Technologies
Deepak Prabhakara - CEO & Co-Founder of BoxyHQ Limited
Nicolai Thomson - CEO of Jenesys HQ LTD
Oliver Kicks - of Concept Ventures
Osama Rama - Co-Founder & CEO of Lessgo Social Ltd
Michael Perry - Director of Balder Capital
Abhishek Sen - CEO of NumberEight
Ben Woodington - CEO + Co-Founder of Opto Biosystems
Sam Jones - CEO of Gener8
Ibukunoluwa Salau - Founder and CEO of Direx
Xiaoxue Liu - of Datonomy
Vojtech Horna - VP Communications of Index Ventures
Eddie Brown - CEO of Astron Systems
Rafal Sokolowski - CTO of Astron Systems
Kieran Jones-Tett - Co-founder of Astron Systems
Nicolas Musto - Ceo of Native
Sheldon Steed - Director of Mumo
Jay Desai - R&D Projects Lead of FabricNano
Naim Mahmud - Operations Director of RDI Solutions
Rory Codrington - Founder / CEO of Trust Keith
Ataulla Shegiwal - CEO of Halcyon3d
Devina Paul - CFO of Zumo Financial Services
Jeremy Basset - CEO of Co:cubed limited
Lucas Johnston - CEO of Umber
Colin Campbell - CEO of Nectis Ltd
Matt Jonns - Founder of Founder + Lightning
Patrick Eaton - MD of bd3T Limited
Vik Kumar - COO of Photogram Ltd
Mark John - Chief Operating Officer of Tramsheds Tech
Sameh Elsayed - CEO of Biotica Chemicals
David Kaye - Co-Founder of Abaton Ltd
Carey Benn - CEO of Clicks and Mortar
Samuel Abrahams - Director / Co-Founder of Headcrash Hotel
Michael Hobbs - Founder of Which Days Tech
Roy Huzzard - MD of Huzzard Consulting
George Neville-Jones - CFO of Cambridge Future Tech
Daniela Menzky - Founder of Climax Community
Steve Berry - Chairman of Angoka
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