BIA responds to 2021 Autumn Budget
Responding to the Autumn 2021 Budget and conclusion of the 2021 Spending Review, Steve Bates OBE, 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.
“Modernising R&D tax reliefs to include data and cloud computing is essential for life science firms discovering and developing life-changing therapies for patients. Increasing the budget of Innovate UK to over £1 billion by 2024, will enable UKRI to renew the Biomedical Catalyst, so UK entrepreneurs can crowd in private sector investment for the next generation of life science companies. There is also welcome new investment worth over £5 billion in health R&D, leveraging the UK’s world-leading genomics industry and aiming to anchor medicines manufacturing in the UK.
“The Chancellor also announced his intention to look at how R&D is supported in the tax relief regime. UK life sciences innovation provides global benefits and needs global collaboration, particularly in clinical trials. UK SMEs are world-leaders at the centre of global networks pulling together the highly specialist skills, facilities and patients needed to develop new treatments fast.
“Our innovative companies need partners both within the UK and (if what’s needed isn’t close to home) with global leaders to gain the global competitive edge they need. Supporting this activity with R&D tax relief has enabled UK companies to develop therapies for rare diseases, attracted significant inward investment and retain intellectual property in the UK.
“In the coming consultation ahead of legislative change we’ll argue that rather than remove reliefs on this positive innovative and entrepreneurial small life science company behaviour, the Treasury should focus on reducing fraud in the system by tackling “no win no fee” tax advisors trying to game the scheme.”
Notes to Editors
1. For more information please contact Dr Martin Turner, Head of Policy and Public Affairs on [email protected] or 07850 518 075.
2. The BIA’s submission to the Budget can be found here: https://www.bioindustry.org/uploads/assets/27ca6e21-5dd1-4f85-a4e3341313f2ce71/BIA-submission-to-CSR-and-Budget-2021.pdf
About the BIA
Established over 25 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative life sciences in the UK. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives.