Life Sciences: Economic Growth

5. What recent assessment her Department has made of the potential impact of the life sciences sector on economic growth.

The UK life sciences sector is one of our greatest national assets in not only saving lives, but driving jobs, growth and innovation. The sector has been projected to grow by £41 billion across the UK by 2030, employing an extra 100,000 people. Our life sciences sector plan will help us seize this potential and secure our ambition to be Europe’s leading life sciences economy by 2030 and the third most important globally by 2035.

In Llanelli, we are eagerly watching the Swansea Bay city deal-funded Pentre Awel complex nearing completion, where it is planned that life sciences will be a central focus in partnership with universities such as Cardiff, Swansea and Trinity Saint David. What assurances can the Secretary of State give me that life sciences will be a top investment priority for this Government and help us to create the good, high-quality jobs that we want in the area?

My hon. Friend has my absolute assurance that backing our brilliant life sciences sector, universities and companies is a top priority for this Government. Alongside our support for the Swansea Bay city deal, which, as she says, includes life sciences and wellbeing, we have a £520 million life sciences innovative manufacturing fund, which is currently open for bids across all four nations. I know that she will be championing her brilliant businesses for part of that support.

The patent box and full capital expensing are Conservative policies introduced to back the life sciences sector, and they are absolutely vital to the country’s future long-term prosperity. Will the Secretary of State commit to protecting these policies at the Budget from a Chancellor desperate to fix the public finances with short-term cuts and fixes?

I absolutely support all measures that back innovation, and despite what the hon. Gentleman says, I know that the Chancellor wants to do that too. It is the innovators, entrepreneurs and businesses that create jobs and growth in this country, and we are determined to do even more, particularly in these crucial sectors for the future.

I welcome the Government’s new strategy on replacing animals in science, which was published yesterday. Will the Secretary of State commit to enshrining the targets in the strategy in law, so that industry, campaigners and the wider public have the certainty they need that this Government will move as fast as possible to end unnecessary animal testing?

I am very proud of the fact that we have published the strategy, delivering on one of our crucial manifesto commitments. My hon. Friend can rest assured that patience is not one of my greatest virtues, and I want to see it implemented and delivered as quickly as possible.

I am chair of the all-party parliamentary group on life sciences, so I know only too well that the industry, which has hitherto been a jewel in our crown, has been struggling to justify further such investment in our economy. Could I press the Secretary of State further on her answer to my hon. Friend the Member for Havant (Alan Mak), and ask her to reassure the House that she has put in a specific, ambitious and vigorous proposal to the Treasury in advance of the Budget to recognise that the life sciences industry is taking more risks than other kinds of investors?

Patience may not be my middle name, but I consider that—hopefully—specific, ambitious and vigorous are part of my character. There is no route to future growth in this country without science and technology, particularly with life sciences at the core, and I and the Minister for Science in the other place, Lord Vallance, are straining every sinew. There are challenges in our life sciences sector, but we are determined to back those world-leading companies, for British patients and for the British economy.