BIA analysis of 2021 UK's Autumn Budget

Yesterday, the UK’s Chancellor Rishi Sunak delivered a Budget that aimed to be fiscally disciplined following the economic turmoil caused by the pandemic, as well optimistic in setting out extra public spending to support the post-COVID economy.

Responding to the Budget, Steve Bates, chief executive of the BioIndustry Association (BIA), said: “Thanks to the UK’s life sciences sector, which has developed essential Covid 19 vaccines, diagnostics and medicines that have enabled the re-opening of our economy, the Chancellor was able to make important spending commitments in this Budget, which we welcome.”

The BIA issued its analysis of the Budget, noting that, alongside the Budget, Mr Sunak set out the first multi-year spending review since 2015. The three-year review increased UK government departmental budgets until 2024-25, which is helpful for organizations like UKRI and Innovate UK to be able to plan projects and competitions in the longer-term.