Chancellor Alistair Darling has said he wants more research and development in the pharmaceutical and biotechnology industries, allowing a new 10 pence less corporation tax on income which comes from patents in the UK.
The government is also working with the Wellcome Trust, Cancer Research UK and University College London to reach “the largest institute in Europe for research into long term medical challenges”, the chancellor said.
During the speech, chancellor Alistair Darling said that the pre-Budget report would give the vision of “building a fairer society and securing opportunity for all”.
Darling said that he was “confident that the UK economy will start growing by the turn of the year”. He is sticking to his previous Budget forecast of economic growth of 3.5 per cent in the UK in 2011-12.
But also added: “We can’t be complacent. We must continue to support the economy until recovery is established.”
This year, public sector investment reached a 30-year high, he says.
