Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Government’s press release entitled £260 million to boost healthcare research and manufacturing, published on 2 March 2022, stating that the Life Sciences Innovative Manufacturing Fund will help ensure the UK continues to be an attractive investment destination, whether his Department is taking steps to ensure that fund leverages in at least twice as much private sector investment to be consistent with the ambition stated in the Levelling Up White Paper.

The fund seeks to leverage £300 million of gross private sector manufacturing investment by March 2025, more than four times the public investment of £60 million. Applicants will undergo an economic assessment to ensure that their proposal provides a sufficient level of private sector investment. Applications will also be assessed on their alignment with the fund’s objectives of boosting health resilience, deploying innovation and minimising environmental impact.