Part of the debate – in the House of Lords at 2:59 pm on 27 February 2023.
Lord Hunt of Kings Heath
Labour
2:59,
27 February 2023
My Lords, the Minister is absolutely right to stress the importance of this sector to our economy and the value of our exports, but since 2010, the volume produced has reduced by 29% and in the league table of countries with trade balances relating to pharmaceuticals, we have gone from fourth place to 98th place. Now the sector, like others, is having to face up to increasing corporation tax and, remarkably and peremptorily, the Treasury decided to reduce SME R&D tax credits for life science companies. This will, in effect, reduce by half the value for loss-making SMEs. Given that SMEs are at the heart of the life science industry, will the Government reconsider that decision?
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