ABPI response to Autumn Statement 2023

The Association of the British Pharmaceutical Industry (ABPI) has welcomed measures in Chancellor Jeremy Hunt’s Autumn Statement to boost life sciences, including on manufacturing, clinical research and the fiscal environment.

In response, Chief Executive of the ABPI Richard Torbett said: “The Chancellor has recognised 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.

“The £520million funding boost for manufacturing is a major step forward in delivering on our 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.

“Set alongside commitments in the new Voluntary Scheme agreement to improve the ecosystem for innovative medicines, as well as progress to address challenges in industry clinical trials, the UK is getting back on track to realise the Prime Minister's vision of being a life sciences superpower.”