Glaxo pledges to invest £500m in UK after 'patent box' reforms
Tuesday 30 November 2010
GlaxoSmithKline plans to invest more than £500m in manufacturing projects in the UK after the Chancellor, George Osborne, backed the previous government's plans for a lower 10 per cent corporate tax rate on profits from newly commercialised patents.
The pharmaceuticals giant welcomed the Coalition's support for the so-called "patent box", which will be introduced from April 2013. The GSK chief executive, Andrew Witty, said the measure, which was first announced by Labour in its 2009 pre-Budget report, had "the potential to transform" the way Britain was viewed by investors.
"For too long, while great inventions and discoveries have been made in this country, downstream economic activity in development and manufacturing, and associated employment, have been attracted to other countries that had more favourable corporation tax regimes," he said.
"In one stroke, the introduction of the UK patent box will help to change this dynamic."
GSK said it would invest in manufacturing a newly developed respiratory device at Ware in Hertfordshire, and launch a £50m UK venture capital fund.
The successful implementation of the new tax regime will also see the construction of a new "green chemistry" facility at the University of Nottingham, ensure that the UK is the location for GSK's next biopharmaceuticals manufacturing plant, and secure further investment in continuous tablet manufacturing technology at Ware in Hertfordshire. Beyond that, the measure will see GSK put money towards a new creams and ointments manufacturing centre of excellence at Barnard Castle in County Durham.
The company estimates that its investment drive will lead to the creation of around 1,000 jobs over the lifetime of these projects.
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...