Life Sciences Businesses
Lord St John of Bletso Excerpts(2 months ago)
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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.