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Prime Minister unveils £29.5bn of investment at Global Investment Summit, including for life sciences

By December 1, 2023No Comments

This week, Prime Minister Rishi Sunak has unveiled £29.5 billion of new investment for thriving UK sectors, as the world’s A-list CEOs and investors arrive at the Global Investment Summit at Hampton Court Palace.

Backing some of the fastest growing and most innovative sectors in the UK, the transformative investments have been secured for projects in tech, life sciences, infrastructure, housing and renewable energy – creating thousands of new jobs and driving growth across the country.

The summit marks a huge step forward for levelling up, with more than 12,000 jobs being created from just some of the investments. Nearly 9,000 jobs were created last year alone in the North West and North East from inward investment projects, with over 7,000 in Yorkshire and The Humber and 11,000 in the Midlands.

The new wave of investments come after the Chancellor Jeremy Hunt unveiled the biggest business tax cut in modern history at last week’s Autumn Statement with a permanent extension of capital allowances, £4.3 billion of business rates support and a £7 billion Growth Fund.

It was also confirmed that Freeport tax reliefs would be extended from five to 10 years, with new government data confirming that UK freeports have attracted nearly £2.9 billion of investment in just two years, creating 6,000 jobs.

In good news for the life sciences industry, Australian company Aware Super have committed more than £5 billion for projects including life sciences, innovation, and technology, just days after opening their new UK office.

The UK’s R&D scene will also see a £1 billion investment from the Ellison Institute of Technology into their recently announced Oxford Campus, bringing together global innovative thinkers through a new interdisciplinary research and development facility to help solve some of the world’s biggest challenges.

And BioNTech, an international leader in the biotechnology industry and developer of the first mRNA-based COVID-19 vaccine, has announced it intends to expand its global R&D activities with a new laboratory in Cambridge as well as a centre of expertise for Artificial Intelligence in London.

This will be implemented through a rolling 10-year investment of approximately £1 billion, creating an additional 400 highly skilled jobs. It follows a major agreement between the Government and BioNTech SE this summer to provide up to 10,000 patients with precision cancer immunotherapies by 2030.

BIVDA has made clear that, with the UK IVD industry worth £2.7 billion and expected growth of nearly 50% over the next five years, there has never been a better time to invest in the UK IVD industry.