1.123 The Government will publish its Innovation and Research Strategy shortly to set out how it will support innovation in the UK. The Government is today announcing that it will:
• invest an additional £75 million in supporting technology-based SMEs to develop, demonstrate and commercialise new products and services;
• invest an additional £200 million in science, including an £80 million investment in the Institute for Animal Health and £25 million for large-scale technology demonstrators; and
• introduce an 'above the line' tax credit in 2013 to encourage research and development (R&D) activity by larger companies. The Government will consult on the detail at Budget 2012 and will ensure that SME R&D incentives are not reduced as a result of this change. This builds on measures at Budget 2011 to increase the generosity and accessibility of R&D tax credits for SMEs.
1.124 In December 2011 the Prime Minister will set out the Government's strategy to ensure that the UK is the best location for undertaking translational research in life sciences. The strategy will outline how the Government will support the life sciences work of universities, the NHS, private investors and businesses, to attract and develop talent, and improve incentives.
1.125 Making more public sector information available will help catalyse new markets and innovative products and services as well as improving standards and transparency in public services. The Government will open up access to core public datasets on transport, weather and health, including giving individuals access to their online GP records by the end of this Parliament. The Government will provide up to £10 million over five years to establish an Open Data Institute to help industry exploit the opportunities created through release of this data.