AstraZeneca

Sammy Wilson Excerpts

Monday 3rd February 2025 Commons Chamber

[Chris Bryant]

My hon. Friend is right: not only do we need to enable smaller companies to start up, but we need to enable them to grow to scale. Otherwise, the danger is that we develop the good idea, someone else ends up buying the intellectual property, and all the value disappears out the UK’s back door. When I met the husband-and-wife team who run BioNtech—they are amazing, not least in respect of some of the work they have done in developing immunotherapy, which is probably the stuff that saved my life when I had stage 4 cancer—they spoke warmly and glowingly about all the work that they want to do in the UK, alongside the work of AstraZeneca. As my hon. Friend says, we need to get small companies set up, to grow them, and to enable them to be world leaders like AstraZeneca.

[Sammy Wilson (East Antrim) (DUP)]

Investment in highly paid industries producing good-quality research and development, and the spin-offs from that, are, of course, important to the economy and to long-term growth. I agree with the Minister that when it comes to using public money we have to be careful about how it is spent, and not just throw it at a company because it has threatened to walk away from investment. In fact, I should have thought that those on the Opposition Front Bench would be quite happy to hear the Minister talking about the proper use of public finance like a prudent Conservative Minister. My question, however, is this. Although due diligence had to be done, and it may well have been assessed that this was not a good use of public money, was the investment lost because of a lack of communication between the Government and the company during the assessment process, when perhaps the company could have been convinced that it could proceed, even with less support?