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Budget supports Pharma

The pharmaceutical industry in the UK is set to benefit from proposals announced by Chancellor Alistair Darling in this year's Budget

The pharmaceutical industry in the UK is set to benefit from proposals announced by Chancellor Alistair Darling in this year's Budget.

Under the heading of tax and innovation, Darling's Budget contains a proposal which aims to identify any changes to the current system that will encourage innovative industries such as pharma and increase the attractiveness of the UK as a destination for R&D activities. "Working with representatives across the business community, the government will examine the balance of taxation of innovative activity, including intellectual property," the report says.

Commenting on the proposals within the Budget, Dr Richard Barker, director-general of The Association of the British Pharmaceutical Industry (ABPI), said: "The announcement of this consultation demonstrates the commitment of the UK government to life sciences in Britain and represents an important first achievement for the Office for Life Sciences. It could have significant impact on how companies make their investment decisions."

Following the consultation on tax changes, the government will deliver its assessment prior to publication of the Pre-Budget Report in November 2009. 

22nd April 2009

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