BIA response to the National Wealth Fund call for evidence
The BIA submitted our response to a government call for evidence on the National Wealth Fund.
The call for evidence wanted to investigate how best the National Wealth Fund can achieve its aims of delivering the government's growth and clean energy missions, generating returns for the taxpayer, and crowding in capital, as well as how likely it is to achieve those aims. The BIA welcomes this call for evidence, as, while not currently a focus of the NWF, the life sciences could play an essential role in ensuring the fund achieves its objectives.
We advised that the fund should:
- Prioritise high-growth, innovative sectors such as engineering biology and medical life sciences to both align with government's approach to the Industrial Strategy, and ensure the investment 'triple bottom line' is met - delivering the government's growth and clean energy missions, generating returns for the taxpayer, and crowding in capital.
- Address sector-specific infrastructure gaps in these sectors, and ensure that more traditional and general infrastructure investments consider their impact on the life sciences.
- Complement existing institutions such as the British Business Bank and Innovate UK, and avoid the undermining or duplication of efforts, while drawing on established expertise.
- Collaborate with the private sector to de-risk investments and tackle market failures.
