ABPI response to the Budget

The Chancellor of the Exchequer has delivered his Spring Budget to Parliament.

Today’s Budget placed the life sciences sector at the heart of the Government’s plans for growth. Richard Torbett, ABPI Chief Executive

In response, ABPI Chief Executive Richard Torbett said:

“Today’s Budget placed the life sciences sector at the heart of the Government’s plans for growth.

“The Chancellor has announced welcome support for the MHRA. An increase in long-term funding, measures to speed up approvals for new medicines, and a commitment to increase collaboration with global regulators will all support pharmaceutical companies bringing new medicines to UK patients.

“It is also right that the Government wants the most attractive possible environment for investment. Boosting incentives for R&D focused SMEs, alongside the introduction of ‘full expensing’ and a comprehensive R&D tax credit offer, will help achieve this goal for UK life sciences.

“But to further unlock this potential, it is essential that a new Voluntary Scheme is agreed between industry and Government which will help build on the Chancellor’s vision for a globally competitive, high growth UK.”

  • Budget

Last modified: 20 September 2023

Last reviewed: 20 September 2023

The ABPI exists to make the UK the best place in the world to research, develop and use new medicines. We represent companies of all sizes who invest in discovering the medicines of the future. 

Our members supply cutting edge treatments that improve and save the lives of millions of people. We work in partnership with Government and the NHS so patients can get new treatments faster and the NHS can plan how much it spends on medicines. Every day, we partner with organisations in the life sciences community and beyond to transform lives across the UK.