Julian asks Treasury Ministers to support the life sciences sector
November 14, 2023
At Treasury Questions, Julian asked Ministers about what fiscal steps they are taking to support the life sciences sector.
Investment in the life sciences covers many areas and benefits private, public and academic institutions. Life Sciences is already one of the UK’s most successful sectors, worth over £94 billion to the UK economy in 2021, a 9% increase on the year before.
Earlier in the year, the Government unveiled an ambitious life sciences package to support economic growth with new commitments and funding for manufacturing, skills and infrastructure. The multi-faceted ‘Life Sci for Growth’ package brings together 10 different policies including £121 million to improve commercial clinical trials to bring new medicines to patients faster, up to £48 million of new money for scientific innovation to prepare for any future health emergencies, £154 million to increase the capacity of the UK’s biological data bank further aiding scientific discoveries that help human health, and up to £250 million to incentivise pension schemes to invest in our most promising science and tech firms.
In response to Julian’s question, the Exchequer Secretary to the Treasury, Gareth Davies MP, said:
“Life sciences are one of the Chancellor’s key growth priority areas. In May, he announced a significant new policy package, backed by more than £650 million of funding, reaffirming the Government’s commitment to supporting a thriving life sciences industry.
“My hon. Friend is absolutely right to highlight the benefits and importance of life sciences to the country. We are genuinely a world leader: I was out in Boston in the United States seeing the other world-leading area for life sciences, and it is not a patch on ours. That is why, as an example, we are looking to support life sciences through the investment zone programme, but, as I said, they are a key priority for the Chancellor as part of his growth agenda.”
