Industry Responds to the UK’s Autumn Statement

Artur - stock.adobe.com

The United Kingdom’s industry body, the Association of the British Pharmaceutical Industry (ABPI), has reacted positively to the Autumn Statement from the government’s Chancellor, Jeremy Hunt.

In his Autumn Statement, Hunt outlined the government’s plans to foster growth within the UK, including “dynamic and innovative” investment into the life sciences. The plans encompass, among other things, investments of more than £750 million ($936 million) to go towards UK R&D, £20 million ($25 million) for a new cross-disciplinary proof-of-concept research funding scheme, and £520 million ($649 million) to strengthen manufacturing resilience for potential future health emergencies.

Responding to the Autumn Statement, Richard Torbett, the chief executive of the ABPI, said in a Nov. 22, 2023 press release, “The Chancellor has recognized the high potential of UK life sciences to deliver the jobs and growth the country needs. This package of support will help boost our sector's investment in UK-based research and manufacturing.

“The £520million funding boost for manufacturing is a major step forward in delivering on our shared ambitions for long-term growth. Also welcome is the plan for a new merged R&D tax credit scheme and the move to make permanent the full expensing capital allowances model. Together, these steps will help give confidence to companies looking to make larger, long-term investments into the UK.

“Set alongside commitments in the new Voluntary Scheme agreement to improve the ecosystem for innovative medicines, as well as progress to address challenges in industry clinical trials, the UK is getting back on track to realise the Prime Minister's vision of being a life sciences superpower.”

Sources: UK Gov., ABPI