IRD research and development refundability: this Government wants to grow our economy and improve living standards and wellbeing by building a productive, inclusive, and sustainable economy. For businesses, research and development is recognised as a key indicator of innovation, which enhances their ability to succeed in changing and dynamic markets. More broadly, R & D enables the diversification of the economy by encouraging new industries and companies, new jobs, and new ways of doing business. So we have committed to increasing R & D expenditure to 2 percent of GDP over the coming decade of the 20 years that we should be in Government. This bill continues that focus. We want to support more business expenditure on R & D, whether these businesses are in profit or loss.