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To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the BioIndustry Association report entitled Confident capital: backing U.K. biotech, published on 1 January 2019; and what steps he is taking to help ensure that 2019 is a successful year for the U.K. biotechnology sector.
We welcome the BioIndustry Association report, which the Government launched at the BioIndustry Association’s event, Strategic Technologies in Life Sciences: The Future is Now, attended by myself on 24 January 2018. The Government is proactively supporting the UK’s strong life sciences sector.
The Government has published two Life Sciences Sector Deals, which are supported by the Government’s commitment to delivering the biggest increase in R&D investment for 40 years. Since Autumn 2016, Government has committed an additional £7 billion in R&D by 2021-22, demonstrating clear progress towards the Government’s ambition to raise investment in R&D in the economy to 2.4% of GDP by 2027.
At Budget 2017 the Government also announced a 10-year action plan to unlock over £20bn to finance growth in innovative firms, including life science companies.