Life Sciences Businesses

Debate between Baroness Blackwood of North Oxford and Lord Johnson of Lainston

Monday 26th February 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am grateful to the noble Lord for raising this. It was not in my diary, but this is an area of great passion for me and, if I can attend, I certainly will. I am sure some of my officials will be heavily engaged. Earlier in the year, we attended the key life sciences summit in San Francisco, which I had the privilege of attending the year before. We have to be out there flying the flag, so I totally agree with that prompt and I will look into it.

[Baroness Blackwood of North Oxford (Con)]

My Lords, I declare my interest as chair of Oxford University Innovation. Following the excellent question from the noble Baroness, Lady Deech, I am pleased to report that university innovation is going from strength to strength. At the University of Oxford, we spun out an average of four to five companies in 2015, but there was an average of 20 in 2021. Investments in Oxford spin-outs went from £125 million a year from 2011 to 2015 to over £1 billion a year now; that is more than 45% of the country. The question is not how we get the innovation started—that is easy. The question is how we scale those companies and keep them in the UK. What are the Government doing to attract that growth capital and keep those companies here?

[Lord Johnson of Lainston (Con)]

I am extremely grateful to my noble friend for that question, and I congratulate her on the astonishing amount of work that she has done to promote the sector. I am happy to have further discussions on the technical focus of the spending and getting the right level of capital into the scale-ups. As I say, it runs from a range of university spin-outs through to the development and commercialisation of those ideas. We then have to locate funds in the UK, and, at the highest level, we need more liquidity in our stock market for the very large venture opportunities. That circles back to the Mansion House compact and the Edinburgh reforms, which the Chancellor has been absolutely right to focus on. I hope the Government will announce in the near future the result of the LIFTS competition, which is a £250 million fund specifically designed to kick-start investment from defined contribution pension savers into this industry, which will have an important impact.

Workers’ Rights

Debate between Baroness Blackwood of North Oxford and Lord Johnson of Lainston

Monday 6th March 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I enjoyed that question because it bites into my time for answering questions, so I thank the noble Baroness. It is very relevant to realise that this Government have invested a huge amount of time in focusing exactly on this, and I would like to go through a few quick points. Apart from increasing pay by raising minimum wage levels, we have extended the ban on exclusivity clauses, which is vital for allowing flexibility in the workforce; we have introduced legislation to ensure that an equivalent to the minimum wage is paid to thousands of seafarers, who are in a sector that is very important to this country and needs protecting; we have closed loopholes that allowed agency workers to be employed on cheaper rates than permanent workers; and we have quadrupled the maximum fines for employers who treat their workers badly. I have mentioned the list of employment legislation that we are bringing in, and we continue to try to do more. If you look at it in the round, better than having one huge, complicated piece of legislation is getting these measures through in their own way and actually making a difference to the workers in this country. That is how I would prefer it.

[Baroness Blackwood of North Oxford (Con)]

My Lords, the disability work gap remains stubbornly wide. Can the Minister update the House on the workforce review being conducted by the DWP, which is examining proposals for subsidies for occupational health services that could close that gap?

[Lord Johnson of Lainston (Con)]

I am grateful to my noble friend for that question. I am afraid this is not my department, but I would be delighted to come back to her with a Written Answer.