What Labour’s Autumn Budget Means for the UK Life Sciences Industry
Summary
Labour’s 2024 Autumn Budget, presented by Chancellor of the Exchequer Rachel Reeves on October 30th, outlines a range of initiatives aimed at supporting the UK’s life sciences sector and revitalising the NHS. These initiatives include investments in manufacturing, clinical research, and skills development, as well as adjustments to tax relief to boost research and development (R&D) in the country.- Author Company: PharmiWeb.Jobs
- Author Name: Lucy Walters
- Author Email: Lucy.Walters@pharmiweb.com
- Author Website: https://www.pharmiweb.jobs/
Labour’s 2024 Autumn Budget, presented by Chancellor of the Exchequer Rachel Reeves on October 30th, outlines a range of initiatives aimed at supporting the UK’s life sciences sector and revitalising the NHS. These initiatives include investments in manufacturing, clinical research, and skills development, as well as adjustments to tax relief to boost research and development (R&D) in the country.
Whilst the new government have, in their own words, taken tough decisions on tax, spending and welfare to “end short-termism”, rebuild Britain and unlock long-term growth, the new Budget acknowledges the importance of bolstering the UK’s life sciences industry, and has been – for the most part – positively welcomed by those working within the field.
In response to the Budget, ABPI’s Chief Executive, Richard Torbett, said: “Despite the tough fiscal environment, today’s Budget is a clear indication that the government sees life sciences at the heart of its growth mission.” Referencing the confirmation of the life sciences innovative manufacturing fund, the increased investment in our health service, the research and development of new medicines and vaccines, and the increasing funding for the National Institute for Health and Care Research (NIHR), Torbett reinforced the ABPI’s commitment to working with the government to “boost our research health and life sciences ecosystem.”
