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The government could unlock billions in economic growth by helping small businesses upgrade their technology and IT systems, according to Sage Group.
Tax breaks are offered to companies for investments in factories and equipment.
But this doesn’t extend to spending in crucial areas like new software.
Sage, one of the largest accounting software providers, is calling for tax breaks to be extended to investments in technology.
The company warned that the UK is at particular risk of “missing out” on the opportunity to use innovative artificial intelligence to improve its business.
Innovation: Sage calls for tax breaks to be extended to technology investments
Aaron Harris, chief technology officer at Sage, wrote in The Mail on Sunday that this would “hamper the UK’s growth, competitiveness and ultimately its ability to become a science and technology superpower”.
Sage research found that over the next three years the accountancy sector alone could contribute an additional £2bn to GDP and create 19,000 new jobs by adopting AI.
Harris said the government “should give businesses greater confidence to invest in future growth.”
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