Chancellor George Osborne is speaking today to the audience of business leaders from across the Commonwealth, gathered for what is effectively a pitching opportunity for exports and inward investment in Scotland and linked to Glasgow’s delivery of the 2014 Commonwealth Games.
Mr Osborne chose the occasion to make an announcement which is a formal statement of the nationwide belief in the role of Glasgow in the development of the important life sciences.
He told the audience that the UK Government is investing £18 million in a range of life sciences-related projects in the city – an initiative which could help to create 30,000 jobs.
The development relates to the 3rd July granting to Glasgow of UK City Deal status by the United Kingdom government, bringing to the city a major investment programme totalling £1.13 billion.
Glasgow is the fourth UK city, after Liverpool, Manchester, and Leeds [where schemes are now in operation], to be given UK City Deal status.
The Chancellor’s action today underlines to this specific business audience the level of Glasgow’s expertise and activity in this sector – and the government’s commitment to helping to drive it forwards.
The choice of this gathering for this statement was clearly intended to focus further commercial and investment interest from the Commonwealth at large in Glasgow’s performance and capability in life sciences.
The Chancellor’s announcement was immediately welcomed by the Leader of Glasgow City Council, Gordon Matheson, drawing attention to the core impact of its benefits: ‘The City Deal will transform the Glasgow City region. This will mean not only better health for Glaswegians but, crucially, more sustainable, high-value jobs.’
And that’s a major part of the purpose of the investment – ramping up the high-skills, high-value jobs that really will drive Scotland’s economy in valuable and specialist niche markets.
The projects that the funding announced will support – in partnership with the Scottish Government, Glasgow City Council, the Scottish Funding Council and the universities of Glasgow and Strathclyde – are:
- £16m towards a new £64m Stratified Medicine Imaging Centre of Excellence bringing life science research and innovation facilities to the cluster of New South Glasgow Hospitals;
- 1.7m towards a new £4m Centre for Business Incubation, Development and Recovery, which will be located in Glasgow’s Merchant City area, in Tontine House;
- £1.2m towards a £4m MediCity Scotland enterprise – effectively another incubator – bringing together academics, entrepreneurs, clinicians and business support services to facilitate getting to market developments emerging from research in life sciences.
