Budget Quote | Dr Nik Kotecha OBE, Chairman of Morningside Pharmaceuticals
Added by Love Business East Midlands | 27 October 2021
Budget Quote | Dr Nik Kotecha OBE, Chairman of Morningside Pharmaceuticals
Dr Nik Kotecha OBE, Chairman of Morningside Pharmaceuticals, said:
“A landmark budget from the Chancellor today, which covered a number of very important parts of the economy, where extra investment and rate reliefs will stimulate growth now and well into the future.
“The Chancellor’s £7 billion tax cuts in Business Rate Relief for the Retail, Hospitality and Leisure sectors – the largest in 30 years – will go a long way to supporting areas of the economy which have been most significantly damaged by the Covid-19 pandemic and lockdowns.
“There was an important focus on nurturing innovation. As Chairman of a business which invests significantly in R&D; I was particularly pleased to see that the UK’s R&D investment will be raised from 0.7% to 1.1% of GDP by 2024/25. This will help towards the Government’s ambition to make the UK a ‘science and technology superpower’.
“Great to see that the Government intends to reintroduce Foreign Aid spending to the 0.7% of GDP level by 2024/25, which provides critical funding to global communities suffering extreme hardship. As is the commitment to support the most vulnerable in UK society through the funding of Family Hubs and other initiatives.
“It’s also vital that UK businesses are able to recruit the skills they need internationally, which is why the easing of visa restrictions to secure specialist talent is so important, particularly for the Science and Technology sectors.
“There was very welcome news about investment in boosting skills, supporting families, cutting the Universal Credit taper, raising the minimum wage and for infrastructure projects across the UK. There is no doubt that this was a significant budget, focused on delivering a high wage, high skill, high productivity, economy.
“But as always, the devil will be in the detail, and its success very much depends on the continuation of economic growth, management of inflation and rises in interest rates, which are definitely not guaranteed.”
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