ABPI and BIA see UK Budget statement as helping the sectors

The Budget statement yesterday by UK Chancellor of the Exchequer George Osborne was broadly supported by the two main research-based medicines trade groups, the Association of the British Pharmaceutical Industry (ABPI) and the BioIndustry Association (BIA).

The measures announced in the Budget statement will help improve the UK’s general business environment and allow pharmaceutical companies operating here to remain competitive in a global market, commented Stephen Whitehead, chief executive of the ABPI

Specifically, he said, moves towards a more competitive tax regime, including a further reduction of corporation tax so that the UK has among the lowest rates in Europe, are welcome. The Chancellor proposed that corporation tax be reduced by an additional 1%from this April to 24% and to 22% by 2014-15.