UK Industry Welcomes R&D Measures In Chancellor’s Autumn Statement
Faced with a predicted sharp decline in economic growth as a result of the Brexit vote, the UK Chancellor of the Exchequer has fleshed out proposals for supporting R&D and innovation that have been welcomed by the biopharmaceutical industry.
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Industry group ABPI is focusing on the fact that the report from parliamentarians on the cross-party Exiting the EU Committee has made at least some mention of the need to ensure that medicines regulation is ready for Brexit on “day one.”
With the UK seemingly heading towards an exit from the European Union in just two and a half years’ time, restrictions on the free movement of people, products and finance will impact the life science sector as much as, if not more than, many others.
The UK prime minister has promised more government R&D funding and other incentives in an attempt to reassure businesses worried by the uncertainty created by the Brexit vote. The move comes shortly before the Chancellor’s autumn statement and the next meeting of the UK EU Life Sciences Steering Group.