Life science organisations welcome Budget incentives for business

Organisations representing the life science industry have welcomed measures introduced in the government's new Budget that will benefit healthcare businesses operating in the UK.

The Association of the British Pharmaceutical Industry (ABPI) and the BioIndustry Association (BIA) have welcomed the corporate tax reductions pledged by chancellor George Osborne as moves that will help the UK to become more competitive.

Under the government's plans, the business tax rate will drop to 24 percent next month, eventually hitting 22 percent in April 2014, while a £100 million investment for new university research facilities was also outlined.

BIA interim chief executive Glyn Edwards welcomed the Budget announcements on the whole, while calling for further funding to be offered for innovative companies.

Meanwhile, ABPI chief executive Stephen Whitehead said: "The measures announced in the Budget statement will help improve the UK's general business environment and allow pharmaceutical companies operating here to remain competitive in a global market."

The pro-business measures in the Budget have already inspired pharmaceutical company GlaxoSmithKline to pledge to create 1,000 new jobs in the UK through expansions of its production facilities.