The Chancellor, Phillip Hammond MP, has announced £17 million new funding to help boost the UK's Life Science sector. This money is part of the UK's ambitious Industrial Strategy and should help support new drug discovery and translation of treatments to benefit patients. The follows the announcement made by the government to support the sector by increasing R&D by an extra £2 billion a year by the end of this Parliament.
In a statement, Chancellor of the Exchequer, Philip Hammond said:
"We have a successful and resilient economy which is supporting a record number of people into employment. My focus now, and going into the Budget, is on boosting productivity so that we can deliver higher-wage jobs and a better standard of living for people across the country.
That is why I am visiting the Francis Crick Institute, where they are using cutting-edge research to generate real-life health improvements. The UK has world-leading expertise in life sciences – an industry that employs hundreds of thousands of people – and it is through supporting growth in these cutting edge industries that we will build a competitive economy that works for everyone."