BIA calls for sector-targeted tax policy in UK budget

The budget on October 30 is an opportunity to end short-termism, cut waste, and attract long-term investment to the country’s economy with a sector-targeted R&D tax relief policy, according to the UK BioIndustry Association (BIA).

However, the trade association for innovative life sciences and biotech also argues that changes should not be rushed and must be based on the best economic evidence.

The life sciences industry has been identified by UK Chancellor Rachel Reeves as a priority sector for Labour’s economic growth mission, and she has pledged to take a sector-based approach to support. R&D tax reliefs are seen by BIA as vital for the sector.