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Sunak to unfreeze public sector wages, Treasury says

Sunak to unfreeze public sector wages, Treasury says

BRITISH finance secretary Rishi Sunak will unfreeze public sector pay when he presents his budget in two days' time, the finance ministry said on Monday (25).

The fact he would do this was first reported by the Sun newspaper on Sunday (24).


The size of the pay rise will depend on recommendations from pay review bodies that set wages for frontline workers, the finance ministry said in the 17th budget announcement to be released in advance of Sunak's statement on Wednesday (27).

The finance ministry also confirmed that the national minimum wage for people aged 23 and above will be lifted in April to 9.50 pounds ($13.06) an hour from 8.91 pounds.

Sunak is expected to set fairly tight limits for most areas of day-to-day public spending in his budget on Wednesday, which will seek to lower public debt after a record surge in borrowing during the pandemic.

The measures announced in advance of the budget include funding for the health service, education and regional transport.

(Reuters)

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UK calls for new pharmaceutical investment to strengthen life sciences

Highlights

  • UK life sciences sector contributed £17.6bn GVA in 2021 and supports 126,000 high-skilled jobs.
  • Inward life sciences FDI fell by 58 per cent from £1,897m in 2021 to £795m in 2023.
  • Experts warn NHS underinvestment and NICE pricing rules are deterring innovation and patient access.

Investment gap

Britain is seeking to attract new pharmaceutical investment as part of its plan to strengthen the life sciences sector, Chancellor Rachel Reeves said during meetings in Washington this week. “We do need to make sure that we are an attractive place for pharmaceuticals, and that includes on pricing, but in return for that, we want to see more investment flow to Britain,” Reeves told reporters.

Recent ABPI report, ‘Creating the conditions for investment and growth’, The UK’s pharmaceutical industry is integral to both the country’s health and growth missions, contributing £17.6 billion in direct gross value added (GVA) annually and supporting 126,000 high-skilled jobs across the nation. It also invests more in research and development (R&D) than any other sector. Yet inward life sciences foreign direct investment (FDI) fell by 58per cent, from £1,897 million in 2021 to £795 million in 2023, while pharmaceutical R&D investment in the UK lagged behind global growth trends, costing an estimated £1.3 billion in lost investment in 2023 alone.

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