BIA responds to the Chancellor's Autumn Budget 2024

Commenting on the Chancellor's Autumn Budget 2024, Steve Bates OBE, CEO of the UK Bioindustry Association said:

“Today’s Budget rightly puts the life sciences sector at the heart of UK economic growth. In a tough fiscal environment, Chancellor Rachel Reeves recommitted to R&D tax credits at current rates for this parliament. It’s great to see the £520 million Life Sciences Innovative Manufacturing Fund had its website open for business within an hour of the statement.

“Equally important is the commitment to protect core research funding for biotechnology and medical science.

“With the creation of the National Wealth Fund and Emma Reynold’s Pensions Review now underway, we will work in partnership with the government to crowd in further investment into this key growth sector in the coming months.”