Industry response to UK's Autumn Statement

Jeremy Hunt, the UK’s Chancellor of the Exchequer, yesterday announced as part of his Autumn Statement that the government is making £4.5 billion ($5.6 billion) available in strategic manufacturing sectors - such as auto, aerospace, life sciences and clean energy – from 2025 for five years, with £520 million going to life sciences.

Responding to the news, Richard Torbett, chief executive of the Association of the British Pharmaceutical Industry (ABPI), said: “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.

He noted that the £520 million funding boost for manufacturing is a major step forward in delivering on the pharma industry’s 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.