A US firm has announced a £500 million investment into a UK research campus following Chancellor Rachel Reeves’s first Budget.
The investment from San Francisco-based developer Prologis will expand the Cambridge Biomedical Campus, creating more than 2,000 jobs and spearheading life-saving breakthroughs.
Reeves welcomed the vote of confidence from the business, which will fund a 115,000 square ft expansion to the campus – a world-leading biomedical cluster which currently generates £4.2 billion each year for the UK economy and employs more than 22,000 people.
The new development will house high-tech labs, supporting clinical trials and diagnostic services. Research conducted there addresses the most pressing global healthcare challenges, including developing techniques for spotting cancer early and understanding dementia.
“This investment from Prologis is a vote of confidence in our plan for the UK economy,” said the Chancellor.
“After also attracting £63bn at the International Investment Summit, it’s clear Britain is back in business. Economic growth is my number one mission, and unleashing private investment will play a major role in kickstarting it.”
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Paul Weston, regional head at Prologis UK, said: “There is a lot riding on this pivotal first Budget and strong support from the private sector to follow through on investment pledges will be critical.
“The government’s commitment to unlock Foreign Direct Investment matches our own focus on partnering with public and private stakeholders to invest and deliver the infrastructure needed for sustainable, long-term growth.
“Steps already taken through the launch of the National Planning Policy Framework and the Green Paper for the Industrial Strategy are paving the way for a stronger, more resilient industrial base. These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis are ready to support the government’s ambitions, providing the spaces that can unlock growth and development.
“We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage.”
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