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Government tax incentive set to spur science graduate job creation

Published: Tuesday, 30 November 2010   Category: Science, Engineering and IT

Hundreds of new science graduate job opportunities could be created over the coming couple of years as companies take advantage of new tax incentives geared towards supporting innovation.

Under the newly-announced plans, ministers pledged to cut the rate of corporate tax levied on profits generated from UK-owned intellectual property.

Though yet to be given full approval, the proposals have already sparked interest in the science and engineering sectors, with GlaxoSmithKline (GSK) announcing that it is to step up its research work in Britain, potentially creating as many as 1,000 new science graduate jobs over the next few years.

Specifically, the company has confirmed it is to push ahead with plans to invest some £500 million on new facilities, including its first new manufacturing plant in the UK for a quarter of a century.

Commenting on the importance of tax incentives, GSK chief executive Andrew Witty told the Telegraph: "I guarantee you that if this hadn't happened, there would be no GSK biopharma facility being built in Britain."

This comes soon after the manufacturers' body EEF argued that British manufacturing is in a good place to fill the jobs gap set to be created by plans to shrink the public sector.

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