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Science and technology

Moving to his plans for science and technology, the Chancellor said that Government research and development (R&D) spending would reach £20 billion by 2024-25 and £22 billion by 2026-27.

However, he said there were problems with the way R&D tax reliefs have been working, announcing plans to expand them to cover investment in cloud technology and data, but also to restrict their use to domestic activities. He did not set out what would constitute domestic activities.

Elsewhere for science and technology, he announced the launch of visa programmes for highly skilled individuals.

He also confirmed a new UK Shared Prosperity Fund worth £2.6 billion to boost skills.