BIA submission to Autumn Budget 2025
The BIA has submitted its representation to HM Treasury for the Autumn Budget 2025.
In our submission we commend government for steps taken early in its tenure for the life sciences, such as designating the sector as a priority in the Industrial Strategy, stabilising R&D tax reliefs, and increasing funding to the British Business Bank and National Wealth Fund.
However, confidence in the UK as a destination for life science investment remains fragile due to the broader commercial environment and rising costs on businesses. Therefore, we implore government to build on these beginnings and demonstrate full confidence in the sector. Not by risking high-potential assets for short-term savings, but by investing in growth.
We call for government to:
- Maintain pressure on the pensions industry to invest in venture capital via government action and intervention that actively considers mandation.
- Ensure public financial institutions (Innovate UK, British Business Bank, and the National Wealth Fund) maintain focus and direct new funds into life sciences
- Protect the value of R&D tax reliefs and ensure faster, more efficient delivery by HMRC
- Increase the £20 million lifetime fundraising cap and EIS rate of income tax relief for Knowledge Intensive Companies
- Ensure medicines receive proportionate NHS funding growth
- Reform and better promote the Global Talent Visa
