"AstraZeneca's pause in Cambridge, following the cancellation of its £450m vaccine investment, sends another warning signal about the UK's ability to compete for global life sciences investment. With Merck also abandoning its £1bn discovery centre, Britain risks losing ground in a sector where it should be leading. The UK has world-class science, but too often that strength does not translate into business confidence and investment."
"Business R&D spend fell to £50bn in 2023 - 6% lower in real terms than in 2021 - while other countries forge ahead. There are bright spots: BioNTech has pledged up to £1bn over ten years to expand UK research; Unilever is investing £80m in fragrance R&D at Port Sunlight; and Vishay plans £250m for semiconductors in Newport. But the overall trend and latest data is concerning."
AstraZeneca paused a £200m Cambridge expansion and previously cancelled a £450m vaccine investment; Merck abandoned a planned £1bn London discovery centre. Business R&D spend fell to £50bn in 2023, 6% lower in real terms than in 2021, while international competitors progress. Some companies continue to invest: BioNTech pledged up to £1bn over ten years, Unilever committed £80m for fragrance R&D, and Vishay plans £250m for semiconductors. Businesses call for clearer national priorities, simpler access to support, and reformed public bodies. Without a clear delivery plan and decisive action, investment and jobs risk moving overseas.
Read at London Business News | Londonlovesbusiness.com
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