The Chancellor, Rishi Sunak, has announced the Budget in Parliament this afternoon. Several policies included in the Budget are of interest to our sector, and these are summarised below. The full Budget document can be found here.
• £10 million for boosting levels of COVID19 diagnostic testing, via Public Health England.
• Confirming £200 million for hospitals to replace old diagnostics equipment.
• Increasingly the research & development budget to £22 billion a year - 0.8% of GDP.
• A specific £200 million pot for life sciences research was also announced via the British Business Bank.
• £400 million for university based research intended primarily for locations outside London and the South East.
• £30 million more for COVID19 research via NIHR.
• Also of interest to smaller members of less than 250 employees, the Government will pick up the bill for statutory sick pay if they are to fall ill with the virus.