GLAXOSMITHKLINE yesterday unveiled plans to invest more than £500m in its UK sites, including a new factory, in light of tax breaks revealed in the Budget.
And the firm said it would double its investment at the new biopharmaceutical plant in Ulverston – but only if the government “improv[es] the environment for innovation”.
Speaking just a day after George Osborne’s speech, GSK chief executive Sir Andrew Witty heralded new tax breaks for earnings made from patents, as set out in the Budget.
“The introduction of the patent box has transformed the way in which we view the UK as a location for new investments,” he said.
The factory will be Glaxo’s first new plant for 40 years. It is also ploughing cash into two manufacturing sites in Scotland, and the combined investment is expected to create 1,000 jobs over the lifetime of the projects.