Significant Investment to Boost the Manufacturing Industry
The pharmaceutical giant GlaxoSmithKline (GSK) has confirmed an investment of £500 million across its manufacturing sites to increase production of its products whilst providing a major boost for the UK’s construction and manufacturing industry.
The company announced today it will build a new state-of-the-art manufacturing facility in Cumbria, North of England. An investment of £350 million for building the new facility would create hundreds of jobs and provide work opportunities for people in the building sector.
Building construction work is anticipated to begin within the next two years depending on obtaining the necessary planning consents. It is likely to take up to 6 years before the new facility is entirely completed.
The significant investment comes after Chancellor of the Exchequer, George Osborne, confirmed yesterday in Budget 2012, the government’s commitment to introduce a lower rate of corporation tax on profits generated from UK-owned intellectual property.
Chief Executive at GSK, Sir Andrew Witty, said: “The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain.”
Prime Minister David Cameron welcomed the investment as “excellent news” for businesses saying that cutting business tax will attract further investment to the British economy.
“It shows why we are right to cut business tax and focus on making the UK a dynamic and competitive place that can attract exactly this type of high tech investment.”- Mr Cameron said.
Additional investment of more than £100 million was also confirmed for GSK’s two manufacturing sites in Irvine and Montrose, Scotland. The company also said that it will invest in sustainable green energy production and environmentally friendly manufacturing technologies in the future.
Posted on March 22, 2012, in construction jobs, construction news, David Cameron, Energy Efficiency, Government, Infrastructure, Manufacturing, Osborne, Renewable Energy, t4ts, train4tradeskills and tagged Andrew Witty, boosting manufacturing, British businesses, Budget 2012, Building industry, Chancellor Osborne, construction, construction industry, Cumbria, david cameron, Economic growth, George Osborne, GlaxoSmithKline, Government, high tech investment, Investment, lower corporation tax, Manufacturing, Northern England, Prime minister, UK. Bookmark the permalink. Leave a comment.