BIA reacts to Spring Statement

Steve Bates OBE, Chief Executive of the BioIndustry Association said: “The UK biotech and life sciences sector is well prepared to be a partner to deliver fast growth in the UK for the benefit of patients and taxpayers. We have seen record private sector investment into the sector after its crucial role in the COVID-19 pandemic to develop and manufacture COVID-19 vaccines, which will lead to high skilled and well-paid jobs for the UK economy. The sector welcomes the recognition of R&D tax relief taking place abroad for ‘regulatory and legal reasons’, and it was heartening to hear the Chancellor mention clinical trials as an example. The sector will also welcome the R&D tax credit scheme keeping a pace with innovation, with the Chancellor explaining how the scheme will now allow for claims for costs related to the storage of vital data and supporting data-heavy research such as genomic sequencing.”