ABPI welcomes the Chancellor’s backing of life sciences in the Budget

Following the first Labour budget for 14 years, the Association of the British Pharmaceutical Industry (ABPI) welcomes Chancellor Rachel Reeves’ measures to improve UK life sciences competitiveness.

With a focus on stability, investment, and long-term growth, key announcements in the Budget included increases in National Health Service (NHS) funding, a £520 million life sciences innovative manufacturing fund, and investment in research and development, including increased funding for the National Institute for Health Research (NIHR).

Responding to the Budget, Richard Torbett, chief executive of the ABPI 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.