Life Sciences Sector gets Post-Brexit Boost with GSK Announcing £275m UK Investment
GlaxoSmithKline (GSK), the UK's biggest pharmaceutical company, has given the UK a massive boost following the Brexit vote with an announcement that it is investing £275m in expanding its manufacturing facilities within the UK.
The investments will be in Ware, Hertfordshire as well as County Durham and Montrose, Scotland. GSK was amongst several high-profile pharma businesses that had backed the Remain campaign and had warned of negative consequences from uncertainty for the Life Sciences sector if there was a Leave vote.
However, this announcement just one month after the vote, provides a fillip for pharma and life sciences, and UK business more widely, with positive endorsement of the virtues of doing business in the UK. GSK said most of the products manufactured at the sites would be exported. It has recognised that the benefits of the UK's very skilled workforce, low tax rates and incentives for investing in research outweigh concerns over Brexit.