Pioneer Group has welcomed the support for the life sciences and planetary health sectors announced in the budget today (30 October), with Chancellor Rachel Reeves pledging funding for research and development.
The government intends to protect its investments in research and development to unlock “growth industries of the future” with more than £20bn of funding, including at least £6.1bn to protect core research funding for areas like engineering, biotechnology and medical science. It will also maintain current rates of R&D tax relief to drive innovation.
Up to £520 million for a new Life Sciences Innovative Manufacturing Fund was also confirmed. The funding aims to build resilience for future health emergencies and capitalise on the UK’s world-leading research and development capabilities.
In addition, the government has committed to funding 11 new hydrogen and carbon capture projects.
Pioneer’s Corporate Development Director Miranda Knaggs participated in a Budget Focus Group with BBC Radio Kent and the Federation of Small Businesses (FSB) hosted at The Hub Kitchen at Pioneer Group’s Kent Science Park today.
The event brought together business owners and representatives from across Kent to discuss what they wanted from the budget and react to the announcements made.
Speaking at the event, Miranda said: “We are pleased to see support for life sciences, planetary health, and manufacturing companies, as well as the NHS, prioritised in the budget today, though the devil will of course be in the detail. The Life Sciences Innovative Manufacturing Fund is a welcome boost to the manufacturing sector, and important for manufacturing tenants based here at Kent Science Park. The announcements made today will help improve investor confidence and ensure the UK is recognised as a life sciences superpower. It will also help the UK to attract talent and be seen as a great place to work.”
As a specialist life science infrastructure and venture building organisation, Pioneer Group is passionate about supporting and accelerating UK innovation. It recognises the crucial role life sciences companies play in tackling the growing number of human and planetary health challenges we face.
Kent Science Park is home to Nobel Prize-winning discoveries, and one of the largest communities of ambitious agritech, biotech and biopharma businesses.