Primary Stock Exchange Listings

Lord Lamont of Lerwick Excerpts

Thursday 10th July 2025 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Baroness for her question. I do not necessarily share the overall pessimism that she started her question with. Of course, reform is necessary and that is why next week at Mansion House the Chancellor will publish the 10-year strategy for financial services, which I hope will cover some of the things the noble Baroness is talking about. We need to rebalance our system towards growth in the way she described.

[Lord Lamont of Lerwick (Con)]

My Lords, the loss of AstraZeneca, were it to happen, would be a devastating blow to the London Stock Exchange. Is it not therefore very important, if we are to retain the listings, that the Government have a supportive policy for life sciences in particular? Is it not regrettable, first, that the life sciences review has not yet appeared and, secondly, that the Government refused to back the vaccine plant at Speke near Liverpool? The Government also increased the rebate payable by pharma companies from drug sales from 15% to 22%—a stealth increase if ever there was one. Is it not important that, if we want to retain the listings, which will mean retaining the research, development and employment, we have a proper strategy with these companies and do not just regard them as cash cows but valuable investments to be encouraged?

[Lord Livermore (Lab)]

I fundamentally agree with the underlying point the noble Lord made about the importance of investing in and having the right environment for life sciences companies in this country; they are incredibly important to us. It is why they are fundamental to our industrial strategy.

In terms of specifics, I am not going to comment on speculation. We want to see high-growth companies start, scale, list and stay in the UK. He is absolutely right; the life sciences sector plan is forthcoming. If he is just a little bit more patient, he will see it very soon. Through that, we will seek to harness the life sciences sector to drive long-term economic growth and build a stronger, prevention-focused NHS.