To ask the Chancellor of the Exchequer, when the Life Sciences Investment Programme is planned to be launched; and whether he plans to increase that programme's budget in the forthcoming Comprehensive Spending Review.
30 September 2020
The UK has an extremely competitive life sciences industry, and the Government is committed to building on the success of this sector by ensuring that life sciences firms can secure the finance they need to grow.
The Spring Budget provided the British Business Bank with £200m for a dedicated Life Sciences Investment Programme, which will enable the Bank to finance equity investments into the UK’s most innovative health technology and life sciences firms over the next five years. This is expected to attract approximately £400m of additional private investment, which will allow these companies to grow and ensure the UK remains a world-leader in life sciences innovation.
The Budget promised that the Life Sciences Investment Programme would launch within a year, and the Government remains on track to honour that commitment. The programme will support large-scale venture growth funds investing in the life sciences, and is an important step in making the UK the best place for businesses to access the long-term finance that they need to scale up. It builds on the 10-year Patient Capital action plan, announced at Budget 2017, to unlock over £20 billion investment in innovative firms.
No decisions have been taken on any further allocations to the Life Sciences Investment Programme beyond the £200m already committed.