Umbrella company contractors working in pharmaceuticals could see an increase in opportunities after GlaxoSmithKline announced it intends to create a further 1,000 jobs in the UK.
Britain’s biggest drug maker says it is now set to invest at least £500 million in the UK thanks to the tax incentives George Osborne announced in his recent Budget. The Chancellor said the government would decrease the amount of corporation tax charged on income from patents.
Glaxo released a statement saying it is going to build a new manufacturing plant in the Cumbrian town of Ulverston and pile more investment into its sites at Irvine and Montrose in Scotland.
The chief executive of GSK, Sir Andrew Witty, said the incentive, known as the patent box, has caused the company to re-evaluate the way it considers investing in the UK. The proposed investments will make sure future medicines will be discovered and continue to be manufactured in Britain.
He went on to explain that this is one of the largest commitments the company has made to the UK life-sciences industry in recent years and the projects will create as many as 1,000 new positions. In addition, GSK is now considering making further investments in manufacturing in Britain.
David Cameron was delighted to hear the news. He said this major investment would create a large number of opportunities for highly skilled workers as well as providing a welcome boost to the UK economy. We already have a first class life science sector in Britain and the government is determined not only to retain it but increase it as well.
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