Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Bob Blackman
Main Page: Bob Blackman (Conservative - Harrow East)Department Debates - View all Bob Blackman's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Bob Blackman Excerpts(1 day, 13 hours ago)
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Ian Murray
The right hon. Gentleman was a Treasury Minister, so he understands some of the issues involved here. I would merely point him to the report MSD released to its shareholders for the first quarter, in which it said that it had to divest from $3 billion a year in operating costs—that is a huge part of its operating agenda. It is a geopolitical issue as well as a commercial decision.
Bob Blackman (Harrow East) (Con)
The Minister will know that the part of London where MSD was going to invest has received significant investment for medical research, particularly research of brain-related diseases. This decision casts doubt on the future of the greater King’s Cross area. What are the implications of the decision to disinvest on that particular proposal, which has cross-party support?
Ian Murray
At this stage, I am not aware that there will be any downside to the entirety of the ecosystem that revolves around the King’s Cross area of London. This decision has obviously come very late to the Government, and we will work with MSD on the future. However, as we have heard from my hon. Friend the Member for Gravesham (Dr Sullivan), there is a very bright future for this particular cluster, and for all the other clusters we have heard about from other Members across the Chamber this morning.