Oral Answers to Questions

Anthony Browne Excerpts

Thursday 5th March 2020 Commons Chamber

[Elizabeth Truss]

We are working very closely with the Cabinet Office to make sure that businesses have all the information they need to prepare for transition at the end of this year. This is also an opportunity, of course, to get more businesses trading with the rest of the world, and we will be saying more about this soon in our new export strategy.

[Anthony Browne (South Cambridgeshire) (Con)]

T2. My constituency of South Cambridgeshire is not just the life sciences capital of the UK or of Europe, but it claims to be the life sciences capital of the world. It has the global headquarters of AstraZeneca, the Wellcome Sanger Institute, which is leading the world in genome sequencing, and Abcam, a start-up company now worth £3 billion, which is leading the UK in antibody products, and many of these are exporters. What assessment has the Secretary of State made of the commercial opportunities for these firms of a potential UK-US free trade agreement?

[The Minister of State, Department for International Trade (Greg Hands)]

I thank my hon. Friend for that question. When I was previously in this job, I visited the sector in Cambridgeshire. We know that the life sciences industry contributes £74 billion a year to the economy, creating 250,000 jobs and developing life-saving medicines for UK patients. Annually, the east of England exports £711 million of medical and pharmaceutical products to the US. Estimates show that a UK-US FTA could boost the whole region’s economy by £345 million in the long run.