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Chancellor champions the UK life sciences industry at Davos

By January 24, 2024No Comments

Chancellor Jeremy Hunt represented the UK at the World Economic Forum’s Annual Meeting in Davos, Switzerland. He bore the message that the UK is a world leader in science and technology and ripe for investment from the international business community.

The Chancellor met with chief executives from the world’s top-tier companies and speak about his optimism for the UK’s economic growth and productivity despite global uncertainties, in the first visit to Davos by a UK Chancellor since 2019.

Chancellor Hunt also championed the UK’s ambition to be a science and technology superpower, as well as how Britain will harness the economic potential of technology., saying ‘Britain, a nation of great innovation, is on the up and open for business. We boast some of the best and brightest businesses in sectors of the future like digital technology and life sciences. It’s these areas of strength that are going to drive growth across the UK economy in years to come.’

The Chancellor also held a series of bilateral meetings with CEOs of world-leading companies to encourage inward investment into the UK.

Digital technology such as AI and life sciences, including the improved running of cutting-edge clinical trials, are priority growth sectors for the UK and were the focus of the Chancellor’s pitch at Davos.

Meanwhile, at the same event, Shadow Chancellor Rachel Reeves used her visit to Davos to try to rebuild Britain’s reputation as a country conducive to business. In a meeting with global business leaders, Ms Reeves criticised the impact fourteen years of Conservative rule has had on business, promising that Labour will make the UK a more attractive place to do business if they prevail at the next election.

Ms Reeves namechecked life sciences, alongside AI and clean power, as key industries of the future which Britain is primed to succeed in. Moreover, she claimed that private sector investment is the lifeblood of an economy, hence why business investment is central to Labour’s growth plan.


Ben Kemp