Britain's £10billion pharmaceutical industry was given a welcome boost
yesterday as drugs giant GlaxoSmithKline announced plans to create 1,000 jobs.
GSK’s move was influenced by tax cuts in the Budget on money invested in
research and development. Sir Andrew Witty, GSK’s chief executive, said the introduction of a ‘patent
box’, which cuts corporation tax rates on profits from UK innovations, fuelled
the decision.
As well as building the new factory, it will inject £100million into
Scottish sites at Irvine and Montrose, and £80million at its site in Ware,
Hertfordshire, to boost capacity for inhalers and at Barnard Castle, County
Durham, for skin-care products.
It could double investment in the Ulverston site if there is more
improvement in what it calls ‘environment for innovation’. Construction is due
to begin in 2014/15.
Sir Andrew, who is part of the Prime Minister’s business advisory group,
said: ‘The patent box has transformed the way in which we view the UK as a
location for new investments.’
David Cameron said: ‘It shows why we are right to cut business tax.’
Dr Tim Bradshaw, of the CBI said: ‘It is excellent news that such a key
player in the pharmaceuticals industry is choosing to invest and create jobs in
the UK.’
Πηγή: Daily Mail