Mini-Budget positions UK life sciences to drive new government's economic growth agenda

The Chancellor of the Exchequer today announced at the mini-Budget the Long-Term Investment for Technology & Science (LIFTS) competition. This will provide up to £500 million to support new funds designed to catalyse investment from pensions schemes and other investors into the UK’s pioneering science and technology businesses, this is a direct result of the life science scale up agenda that the BIA has championed and worked closely with government on.

It’s a key step to enable building better connections between UK financial institutions and innovative sectors of our economy. It has the potential to unlock billions of pounds of additional investment into UK scale-ups over time.

Steve Bates OBE, Chief Executive of the BioIndustry Association, said:

“Today’s statement provides the moment to bring together two of the UK’s world-leading sectors life sciences and finance to drive UK economic growth. Reforming the pension charge cap provides a fantastic opportunity to turbo-charge the UK’s life sciences and biotech sector and capture more of its economic value for the UK, including higher returns for people saving for their retirement.

“Biotechnology is transforming the world we live in, from better healthcare to products that are kinder on the environment, and UK researchers and companies are leading the world in this exciting new era of innovation. UK pension schemes, especially those operating in the defined contributions market, have not been investing in innovative life science and biotech companies, meaning UK pension savers are not benefitting from the UK’s competitive strengths.

“Today’s announcement provides the catalyst needed to build the biotech investment expertise in the city of London to match the global scale of the biotech ecosystem we have around the country.”

ENDS

Notes to Editors

1. Please contact Jack Fellows, Strategic Communications and Media Manager at the BIA, [email protected]
2. Read Kwasi Kwarteng’s evidence at the Science and Technology Committee on the role pensions can play in delivering a UK science and technology strategy
3. Follow this link for further information on the BIA’s campaign to give pension savers the opportunity to invest in the development of new medicines.
4. These issues will be discussed more at the BIA and London Stock Exchange's Future of Healthcare Investment Forum 2022 on 4 October.