Life Sciences Businesses

Viscount Stansgate Excerpts

Monday 26th February 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I totally agree with the noble Baroness. I would go further and say that one policy motor that has been successful so far is these life science investment zones, particularly in Liverpool. I had the privilege to meet with Steve Rotherham today and the metro mayors, who have been leading across the board and in Yorkshire, to find an essence of focus for the investment into these new technologies. We are doing a huge amount of work on university spin-offs as well—organisations such as Northern Gritstone and Midlands Mindforge are the absolute core of the work I am doing to get money internationally into these pools of capital.

[Viscount Stansgate (Lab)]

My Lords, my question arises out of the one just asked. Can the Minister elaborate on what the Government are doing to spread the excellent work of the life sciences in this country more evenly around the UK?

[Lord Johnson of Lainston (Con)]

I hope I have answered this to some extent. There is no limit to the amount of work that we can do to get more investment into this sector. It starts from the smallest opportunities at universities, where we can put more money into life science spin-out funds, trying to help the organisations that pool that capital, as I say. It is about trying to establish bases in London for the key life sciences funds from abroad, and working with sovereign wealth funds, the biggest pension funds and the UK pension fund industry to put money into the industry. That is an important start.

Automotive Manufacturing Sector: Support

Viscount Stansgate Excerpts

Monday 15th May 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I believe that the outcome has been relatively satisfactory, with the purchase of Britishvolt by Recharge Industries, which I have met on several occasions to ensure that it is committed to investing in this country. It will make non-vehicular batteries to begin with but has reassured me that it will ultimately make batteries that can be used in EVs. It is not true that we do not have prospects. As we know in this House, there has been £1 billion of investment in the Sunderland plant for Envision to allow us to make electric vehicles made by Nissan.

[Viscount Stansgate (Lab)]

My Lords, further to the answer the Minister gave a moment ago, when he gazes down on the country from his hot-air balloon, can he tell us where the gigafactory for the manufacture of electric batteries, on which the future automotive industry of this country is going to depend, will be?

[Lord Johnson of Lainston (Con)]

I have tried to cover the key areas where we are investing significantly alongside industry to build our EV industry. We have several important pools of capital. I have not mentioned UKEF, which has through various loan schemes also supported our existing and future manufacturers. On top of that, through the Faraday challenge we are investing very heavily in R&D, because innovation will drive the technological change that will give us these opportunities in the future.

CPTPP: Conclusion of Negotiations

Viscount Stansgate Excerpts

Wednesday 19th April 2023 Lords Chamber

[Lord Johnson of Lainston (Con)]

I am always grateful to my noble friend for his eloquence. He is a very difficult act to follow, even though his question is so true to my heart. I am afraid I will not be drawn into suggesting who should potentially be admitted into the CPTPP because we are not yet members, but as I said, I am delighted that this entire organisation acts as beacon of free trade around the world. We want more countries to see the world through the lens of us and our aligned partners. I very much support, conceptually, many of my noble friend’s comments and I thank him for his support in this House and for continually making sure that the torch of free trade is held high in this place.

[Viscount Stansgate (Lab)]

My Lords, the Minister complained earlier of having been insufficiently appreciated for this Statement, but I am more than happy to congratulate him for including in his answer the comments of one of Abraham Lincoln’s most distinguished Cabinet members.

I want to ask a brief question about Vietnam which has, in part, been asked already by the noble Lord opposite. The Statement refers to Vietnam particularly with regard to legal and other services. Can the Minister explain in more detail what else the Government are expecting to get out of enhanced arrangements and trade with Vietnam, in addition to the arrangement we already have?

[Lord Johnson of Lainston (Con)]

I am grateful to the noble Viscount. I was not asking for praise for myself or enthusiasm for my own actions, but enthusiasm for the actions of the Secretary of State, the department and this Government in pursuing this noble free-trade policy, which will ultimately enrich us all and make us safer.

The noble Viscount asks very sensible questions about the specificity of our relationship with Vietnam regarding the CPTPP. As I have said, the CPTPP contains a large number of chapters that will allow us more effectively to achieve market access for our goods, and with greater haste. In my view, that is in itself a very positive point. I have touched on some of the other aspects that apply broadly to the CPTPP, and I am happy to repeat the statistic I was sent this morning, although I cannot guarantee its legitimacy. Maybe I should declare an interest, to some extent: I have personal financial shareholdings in companies that invest in these countries, although I am not involved in them directly, as noble Lords can imagine. Vietnam is forecast to grow faster than any major country on earth between now and 2050. I would have thought any arrangement that allows us access to a market of that dynamic nature must be a positive for this country.

If we consider our long-term security and the importance of diversifying our supply chain and looking at how our supplying countries interact with us, I cannot think of any more powerful ally than Vietnam in this instance. I look forward to visiting that nation and seeing if we can encourage investment from there into the UK.