Submission to Autumn Budget 2024

The BIA has submitted its representation to HM Treasury for the Autumn Budget 2024.

In our submission we call for stability and the retention of already established commitments and programmes including R&D tax relief, pensions reform, and various other funding mechanisms such as the UKRI and Innovate UK budgets. Sustained innovation and investment demand a predictable environment, and only through this stability can the sector continue to advance and drive breakthroughs in healthcare, the economy, and beyond.

We say: 

• The government has identified the life science sector as a key priority for its growth mission. This commitment to, and belief in, the sector continues to be well-founded, with current data demonstrating considerable growth and opportunity across life sciences.

• The life sciences and biotech sector – despite its world-leading strength – faces unique challenges and the life sciences business model has unique characteristics that mean the sector needs special consideration and tailored policies as part of an industrial strategy.

• We urge the government to continue prioritising the life science sector and the key policies that underpin its growth and success. This includes the maintenance of R&D tax relief schemes, the advancement of the pensions reform agenda, and the maintenance of government support along the financing continuum for start-ups and scale-ups.

• The UK has a significant global competitive advantage in life sciences – now is the time to solidify our position as a world leader in innovation, research, and development.