Bruntwood SciTech Responds to the Autumn Statement 2023
By Bruntwood SciTech
Speaking on behalf of Bruntwood SciTech, a joint venture between Bruntwood, Legal & General and Greater Manchester Pension Fund, Jessica Bowles, Director of Strategic Partnerships at Bruntwood, said:
“Sustained investment in R&D and innovation across the UK’s growth sectors is critical to the future of the economy, and so it’s positive to see this reflected in the Autumn Statement.
“In particular the confirmation of the Greater Manchester and West Midlands Investment Zones – of which two of our most significant and long-term projects, ID Manchester and Birmingham Knowledge Quarter, will play a central role – is a major step forward. With the Liverpool, West Yorkshire and South Yorkshire Investment Zones previously announced, there is no time to lose in progressing these and others into delivery as soon as possible – including in Glasgow where we are advocating for our transformation of the city’s iconic Met Tower to play a key part.
“These initiatives have a greater chance of success if supported by the genuine devolution of power. With that in mind, we welcome the new MoUs on the single settlement funding arrangement for Greater Manchester and West Midlands Combined Authorities. More responsibility, powers and funding to our city regions is a proven way to generate quicker returns and grow the economy in a sustainable way, so we hope to see the government progress the Trailblazer Deals at pace and extend them to other areas.
“More long-term, we would now like to see the government set out a detailed strategy to enable science and technology businesses to align themselves with its objective of becoming a science superpower by 2030.
“Industries like life sciences will benefit from the £4.5bn funding pot announced for strategic manufacturing alongside the government’s continued focus on evolving the tax regime for R&D-led SMEs. We also welcome the new Mansion House Reforms which will facilitate pension fund investment into high growth sectors, including life sciences.
“We will be continuing to invest in the UK’s knowledge economy, championing growth and delivery working alongside our city partners, universities and central government.”
Read more about the impact of the West Midlands Investment Zone on our plans for the Birmingham Knowledge Quarter here.
Read more about the impact of the Greater Manchester Investment Zone on our plans for ID Manchester here.