Life Sciences: Capital Investment

HM Treasury written question – answered on 12th December 2017.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Department for Business, Energy and Industrial Strategy) (Industrial Strategy)

To ask Mr Chancellor of the Exchequer, with reference to page 12 of the life sciences sector deal, what steps he plans to take to ensure that the £20 million of planned patient capital investment in the life sciences sector will provide benefits for the (a) public finances and (b) NHS.

Photo of Andrew Jones Andrew Jones The Exchequer Secretary

At Budget, the Government announced the outcome of the Patient Capital Review, setting out an action plan to unlock £20 billion of new investment to finance growth in innovative firms. The Government will set-up a new £2.5 billion subsidiary of the British Business Bank, expand tax-relief schemes and remove regulatory barriers to encourage long-term investment from pension funds. The subsidiary of the British Business Bank will operate on a commercial basis and will be set up with the intention to float or sell it once it has a sufficient track record. This action plan will benefit a range of sectors including the life sciences sector to commercialize research, develop new technologies and support other forms of innovation.

As announced on 6 December, the Government and the life sciences sector have agreed a transformative billion-pound Sector Deal worth close to £2.5bn of investment in innovative new treatments and medical technologies that will improve patient lives and drive economic growth in the UK. The Deal commits an expected £1.5bn from private and charitable sectors. The Life Sciences Sector Deal Implementation Board will agree implementation plans for each section of the Deal including agreed success metrics. The NHS will be represented on that board.

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