In recent years the technology sector has been well supported by the government through schemes such as Patent Box, the Seed Enterprise Investment Scheme (SEIS) and tax credits and this Budget continues the trend, as well as attempting to address some of the issues that are seen to be holding back the sector.
There has been a focus on entrepreneurship for a number of years and to a great extent this has been successful, with clusters of early-stage companies growing in many parts of the UK. Particularly pleasing in this Budget was the focus not only on these early-stage companies but also on those who are looking to the next stage of their growth and development.
The Employment Allowance is to be welcomed, helping companies overcome the hurdle of bringing staff onboard at critical points of their development. This, along with the many changes and additions to SEIS, Corporation Tax, creative tax reliefs and additional funding, means the UK must now be seen as having one of the most supportive sets of public policy in the world if you are a fast-growing technology business.
It was interesting to note the revised targets for government spending with SMBs. This is to be welcomed, as technology companies in particular need to look not only to the debt and equity markets for funding but also to customers, whether they are in the public or private sector.
The High Growth Segment from the London Stock Exchange, in conjunction with the removal of stamp duty on AIM-listed shares, continues the drive to keep homegrown businesses in the UK as they grow and look for finance.
The UK was already a great place to create and operate your technology business and on the day the chancellor joined Twitter, he demonstrated his commitment to keep them here.
Tim Kay is head of the High Growth Technology Group at KPMG
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View photos of last night's awards ceremony in London
View photos of all the winners from the 2018 Channel Awards
After a glittering awards evening in Battersea celebrating 25 years of the Awards, we are pleased to share the list of winners and judges' commended winners