BIA's response to the Spending Review

Steve Bates OBE, CEO of the UK BioIndustry Association, responded to the government's Spending Review:

“The Chancellor’s investments in R&D through UKRI and scaling life science companies through the British Business Bank is a huge vote of confidence in our sector’s ability to drive economic growth.

“Investments into life sciences and AI will transform drug discovery and deliver greater NHS efficiency, the Health Data Research Service could make the UK the go-to destination for health innovation, while new funding for medicines manufacturing will help us attract internationally mobile investments to the UK and create well-paid rewarding jobs across the country.

“Greater operational freedom and budget for the British Business Bank will allow it to play an even greater role in boosting our venture capital ecosystem and complementing the Chancellor’s pension reforms to increase investment in Britain’s growth sectors. This is the critical element of the Chancellor’s Plan for Change that really must be delivered to the full, with no stone left unturned.

“We await the Industrial Strategy and Life Sciences Sector Plan later this month to see the full details of how the spending plans announced today will be delivered in reality, and look forward to working in partnership with Government to make every penny count for Britain’s economy, people and patients.”