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Chancellor Rachel Reeves described a £500 million personal investment by a US agency right into a UK analysis campus as a “real show of confidence in what this Government are doing to grow the economy”.
The investment by San Francisco-based developer Prologis, introduced days after Labour’s Budget, will fund a 115,000 sq ft enlargement to Cambridge Biomedical Campus.
The campus already helps greater than 22,000 jobs and generates £4.2 billion every year for the UK economic system.
The new growth will home high-tech labs, supporting medical trials and diagnostic companies.
It will inject tens of millions into the British economic system yearly and create greater than 2,120 highly-skilled jobs in roles from analysis to diagnostic.
Ms Reeves visited the campus on Friday and toured analysis institute the MRC Laboratory of Molecular Biology, talking with workers and being proven some of the science that takes place there.
Asked concerning the investment, she stated: “It’s a real show of confidence in what this Government are doing to grow the economy that just a few days after the Budget Prologis are announcing this £500 million investment into the UK here in Cambridge to grow the life science industry in Britain.
“The UK’s got huge strengths in industries like life sciences but this additional investment will mean that we can create more good jobs paying decent wages as well as developing here in the UK lifesaving drugs and that’s incredibly exciting because that means patients in the UK having access to better quality medicines while also building our research capability.”
Research performed at Cambridge Biomedical Campus addresses essentially the most urgent international healthcare challenges, together with creating methods for recognizing most cancers early and understanding dementia.
This underlines how this Government is in lockstep with enterprise in our joint ambition to ensure everybody in the UK advantages from advances in science and expertise
Science and Technology Secretary Peter Kyle
Paul Weston, regional head at Prologis UK, stated: “There is a lot riding on this pivotal first Budget and strong support from the private sector to follow through on investment pledges will be critical.
“The Government’s commitment to unlock foreign direct investment matches our own focus on partnering with public and private stakeholders to invest and deliver the infrastructure needed for sustainable, long-term growth.
“Steps already taken through the launch of the National Planning Policy Framework and the Green Paper for the Industrial Strategy are paving the way for a stronger, more resilient industrial base.
“These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis are ready to support the Government’s ambitions, providing the spaces that can unlock growth and development.
“We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage.”
Science and Technology Secretary, Peter Kyle, stated: “The UK’s life sciences sector is central to our ambitions for the UK – from driving economic growth through to saving and improving lives through better treatments.
“Major investments like this from Prologis, bringing the sector’s largest global companies under one roof in Cambridge, is another vote of confidence in the UK’s approach to long-term growth.
“Coming just days after the Chancellor raised public funding for R&D to record levels, this underlines how this Government is in lockstep with business in our joint ambition to make sure everyone in the UK benefits from advances in science and technology.”
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