The U.K. budget introduced measures to widen venture and share‑option flexibility aimed at supporting biotech fundraising, but simultaneously raised business rates that could increase operating costs for labs and R&D facilities, according to BioCentury’s analysis. Policymakers pitched the budget as a net positive for venture activity but warned of headwinds for early-stage infrastructure. Panelists and investors noted that while increased funding options are welcome, higher real estate and operational costs could blunt the benefit by making lab space and scale‑up more expensive. The shift forces biotechs and investors to weigh capital availability against rising fixed costs when planning development timelines and site footprints.