Life Sciences Businesses

Lord St John of Bletso Excerpts

Monday 26th February 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am always grateful for challenge from any Peer in this House, but I have very different figures. If I look at the turnover of the life sciences sector, I find that, in 2022 alone, it was up by 13%, and it is up by 40% since 2015. There is a whole lot more that we can do, but I am proud of our record when it comes to garnering investment—FDI, which is particularly my function—into the UK life sciences sector. Over a three-year average, we are third in the world, behind only the United States and Germany. That is rather a significant tribute to the people in this sector and the Government’s support of it.

[Lord St John of Bletso (CB)]

My Lords, it is well known that there is a chronic shortage of purpose-built life sciences wet lab space. Can the Minister elaborate on what measures are being taken to build more science parks and innovation hubs?

[Lord Johnson of Lainston (Con)]

The noble Lord is absolutely right to raise this as a core issue. I am quite frustrated myself at some of our planning points, which certainly delay the building of these essential facilities. I am glad that life sciences wet lab space has been coming on stream in significant quantities, not least recently in Canary Wharf, which I hope he will join me in celebrating. However, there is more to be done; I totally agree with the noble Lord.