Chris Bryant MP: speeches

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Speeches

3 Feb 2025 · AstraZeneca · Hansard source
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To be honest, that sounded like a bid to send AstraZeneca to the United States of America. I do not think that is what hon. Members of this House should be doing; I think they should be standing up for the UK as the best place for AstraZeneca to invest. [ Interruption. ] There is no point in pointing at me like a child: that does nobody any favours. The honest truth is that AstraZeneca is and will remain one of the biggest investors in the UK economy.
3 Feb 2025 · AstraZeneca · Hansard source
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What utter nonsense. We endured 14 years of growth that even the shadow Minister’s own Back Benchers used to describe as anaemic and feeble. Average growth under Tory Governments is 1.2%; average growth under Labour Governments is 2.4%. We are far more likely to secure growth in the British economy under a Labour Government. The shadow Minister simply did not listen to what I had to say. The Conservatives sat on this so-called deal with AstraZeneca for four years. The process started in 2020, and it is interesting what was announced to the House and what was actually announced in the paperwork. In the House, the then Chancellor said that AstraZeneca had announced plans to invest to “fund the building of a vaccine manufacturing hub in Speke in Liverpool.” —[ Official Report , 6 March 2024; Vol. 746, c. 845.] He did not make any mention in the Chamber of the money that was needed from his Department to be able to pay for it. The paperwork that attended that announcement stated: “AstraZeneca’s investment decision is contingent upon mutual agreement with the UK Government and third parties, and successful completion of regulatory processes.” That was absolutely typical of the previous Government: they thought that when they had announced something it had come to pass, but due diligence is needed to ensure the best possible financial advantage for the British taxpayer. We have seen clearly that AstraZeneca’s original intention last year was to deliver £150 million-worth of R&D, but then it decided to cut that to something like £90 million-worth. That was its decision, based on its own investment decisions, and we as a Government had to assess whether £90 million from the UK—as supposedly promised by the previous Chancellor—was the right amount of money to put into the pot, or whether it was better to offer slightly less. Unfortunately, at the end of that process AstraZeneca decided that it would not proceed. Let me make it absolutely clear to the hon. Member that this is the best country in the world in which to invest in the private sector. Some £63 billion of investment was secured at the growth summit last year, and £14 billion— [ Interruption. ]
3 Feb 2025 · AstraZeneca · Hansard source
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It is not entirely dependent on our AstraZeneca programme, and indeed, as I have already pointed out, the piece of work in which it was intending to invest—I hope I will get the science right—was changing the way in which it would create the nasal flu vaccine for children from an egg-based to a cell-based system. It has now decided not to do that, but to stick to the egg-based system. I think that if the chief scientific adviser or the chief medical officer has anything on which to update the House, he and/or she will do so. [ Official Report , 12 February 2025; Vol. 762, c. 6WC.] (Correction)
3 Feb 2025 · AstraZeneca · Hansard source
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My hon. Friend is right: not only do we need to enable smaller companies to start up, but we need to enable them to grow to scale. Otherwise, the danger is that we develop the good idea, someone else ends up buying the intellectual property, and all the value disappears out the UK’s back door. When I met the husband-and-wife team who run BioNtech—they are amazing, not least in respect of some of the work they have done in developing immunotherapy, which is probably the stuff that saved my life when I had stage 4 cancer—they spoke warmly and glowingly about all the work that they want to do in the UK, alongside the work of AstraZeneca. As my hon. Friend says, we need to get small companies set up, to grow them, and to enable them to be world leaders like AstraZeneca.
3 Feb 2025 · AstraZeneca · Hansard source
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It does not send any kind of message like that. The point is that in the UK we have secured dramatic amounts of additional investment since the general election. What is interesting is that all the Conservative Members are praising something that was never delivered by the previous Government; it was only announced. It is like so many parts of the DSIT budget that I discovered when I became a Minister. Theoretically, the previous Government had said that they were doing this, that and the other, but they had not actually set aside a single penny, because they had not done a proper comprehensive spending review for many, many years. That is precisely the black hole that we have had to fill.
3 Feb 2025 · AstraZeneca · Hansard source
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That is precisely the job that Lord Vallance is engaged in. We are trying to make sure that our research and development budget across the whole of the UK is spent in a way that delivers economic growth and investment in companies that are start-ups, but also in ones that need to scale up. We are also working with the Department for Education to make sure that we have the skills that we need in the UK—not just to come up with a good scientific idea, but to develop entrepreneurialism and to be able to take an idea to market and make a living out of it.
3 Feb 2025 · AstraZeneca · Hansard source
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The thing is that spending taxpayers’ money has to be proven to be good value for money. That is why, whenever we are making an investment such as this, we have to make sure it delivers more return on investment than £1 for £1. When AstraZeneca made the decision to cut the R&D part of its budget from £150 million to £90 million, it made sense for the UK Government to look again at the amount of money we could legitimately put in on behalf of the taxpayer. If the hon. Lady had been in my place, I think she would have made exactly the same decision.
3 Feb 2025 · AstraZeneca · Hansard source
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It is almost sad, sometimes. I just wish the hon. Member had been here for the last 14 years. I wish he had been here when we had endless strikes in every single part of every Department and we could not get the NHS waiting lists dealt with because we were not paying our nurses and our doctors properly. The first thing that we did was a deal to get them back to work. The hon. Member thinks that somehow or other that is buying off the trade unions. It is not. It is making sure that the people who work in our public services are properly rewarded, get back to work and get this country back on its feet.
3 Feb 2025 · AstraZeneca · Hansard source
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There are all sorts of bids coming in now, none of which I am in charge of, but we have seen significant added investments in the UK since the autumn. For instance, Iberdrola is doubling its investment through Scottish Power from £12 billion to £24 billion over the next four years, and Blackstone has confirmed a £10 billion investment in Blyth in Northumberland. What is essential, however, is for us to ensure that that investment stretches across the UK, that we have the skills we need in order to deliver those investments, and that we have the economic structures in place to enable them to remain, because they are long-term investments, not just short-term ones. Also, sometimes, we have to tackle the over-regulation that exists in some elements of the economy, particularly in relation to planning, so that we can get down to making the decisions that the Tories should have made for 14 years.
3 Feb 2025 · AstraZeneca · Hansard source
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Yes, and I agree with everything my hon. Friend says. The Oxford-Cambridge corridor is really important. Reading the newspapers over the weekend, I was intrigued by how many Conservative commentators kept on saying, “What I don’t understand is why the Conservatives didn’t do this over the last 14 years.” It is not enough simply to build the Oxford-Cambridge corridor; we need to make sure that we build on creative and scientific innovations at all our universities in the United Kingdom, and not just at Oxford and Cambridge.
3 Feb 2025 · AstraZeneca · Hansard source
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I am afraid that I will have to write to the hon. Lady on that last question, as I am not sure precisely where we are with an impact assessment. She is absolutely right that the UK’s life sciences sector generated something like £108 billion in turnover in the financial year ending 2022—a sharp 13% increase on the previous year. We want to build on that. The sector has seen year-on-year growth since the financial year ending 2015, and turnover is now 40% higher than in the financial year ending 2022. We are keen to publish, as part of our industrial strategy, our precise plans for the financial services sector. We said that will be in the spring—it certainly still felt like winter in the Rhondda at the weekend, so I am afraid she will have to wait until spring has sprung.
3 Feb 2025 · AstraZeneca · Hansard source
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As I have already said, we had £63 billion of investment at the summit before Christmas, and we have had £14 billion of investment since Christmas. I have a specific responsibility for data in the Department for Science, Innovation and Technology, and the number of data centres investing in the UK is significant. We now have 500, which puts us third after the United States of America and Germany. We are determined to grow the economy. The hon. Gentleman is sort of right to say that it is the private sector that creates growth, but it is also true to say that the Government contribute to growth. For instance, if we manage to build 1.5 million additional homes in the UK, that will contribute to growth. If the Conservatives do not believe that, they are living in cloud cuckoo land.
3 Feb 2025 · AstraZeneca · Hansard source
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Some of what I have already pointed out is really important. We have already said that we will have the lowest corporation tax rate in the G7, at 25%, and we are sticking with that. We have made sure that we are investing in our public services so that people can have a guarantee of proper public services in this country. One thing that affects many businesses in this country—I have heard it repeatedly—is that if we have 7 million people on NHS waiting lists, we will not get people back into work. I would argue that the public sector and the private sector both have a role to play in enabling each other to flourish. It is not a question of “private sector good, public sector bad,” or the other way around; the two have to work hand in hand.
3 Feb 2025 · AstraZeneca · Hansard source
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Not necessarily for this specific deal, but certainly for a deal with AstraZeneca, yes.
3 Feb 2025 · AstraZeneca · Hansard source
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Not only have we set aside £520 million precisely to be able to invest in the life sciences industry with an innovation fund, we are very keen to work with specific businesses to understand how they can make more secure, long-term investment. The single most important thing for most people making an investment in the UK is whether they believe there is political, fiscal and financial stability in the UK. That is what we are absolutely determined to deliver. My hon. Friend makes a very good point about those who are immunosuppressed for all sorts of different reasons, whether their medication or a condition. I will take that point back to the Department.
3 Feb 2025 · AstraZeneca · Hansard source
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No.
3 Feb 2025 · AstraZeneca · Hansard source
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If I might just refer to the first comment first, I am the Member for Rhondda and Ogmore, so I fully understand that investment in one part of the country is obviously great for that part of the country, but it does not necessarily mean that every part of the country is rising with everybody else. Trying to make sure that economic investment spreads across the whole of the United Kingdom, including in the north-west, the north-east and in the south Wales valleys, is a really important part of our historic mission. On my hon. Friend’s other point, AstraZeneca complained about the length of time all of this has taken. As I say, it started in 2020 and it was only in 2024 that the first announcement was made—as I understand it, by a text message from the then Chancellor of the Exchequer to the chief executive of AstraZeneca. We might need to learn better ways of informing our decisions about science.
3 Feb 2025 · AstraZeneca · Hansard source
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Regional mayors have an important role to play in helping bring investment into key areas. I am happy to ensure that the meetings that my hon. Friend has asked for take place. This has to be a joint venture between everyone. I want to underline that it is not the case that AstraZeneca is leaving the United Kingdom, or that it does not have confidence in the United Kingdom, because it clearly does—it invests more than £2.5 billion every year into the UK economy. It is a key partner of the UK and will continue to be so.
3 Feb 2025 · AstraZeneca · Hansard source
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It is good to hear from the Chair of the Select Committee. I want to make it absolutely clear that AstraZeneca is not leaving—people are not losing their jobs because of this decision. There are still 10,000 people employed by AstraZeneca in the UK and, for that matter, it is proceeding with its nasal-based flu vaccine for children, just in a different way. All of that is important. My hon. Friend asked about the precise details of the R&D mix that was part of the investment. As I said, it was to have been £150 million of investment. AstraZeneca decided to cut that to £90 million, which is why the contribution that the previous Chancellor had suggested of £90 million into that pot simply did not add up for the UK taxpayer, which is why we came to that set of decisions. However, she is absolutely right that we are fundamentally committed to the life sciences sector for the saving of life, for making sure that we have an NHS that can really deliver for people, and because we want to have valuable jobs that we do better in this country than anywhere else in the world.
3 Feb 2025 · AstraZeneca · Hansard source
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That is the cleverest bid for finance that I have ever heard, so my hon. Friend gets an award for that. She is right that we stand ready at any point to assist key investments of this nature, especially in the life sciences sector. The difference between the amount of money that was theoretically made available by the previous Government and the amount that we were prepared to put forward was remarkably small. The issue is how to ensure that similar investments get over the line. Someone from the Department will meet Steve Rotheram.
3 Feb 2025 · AstraZeneca · Hansard source
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I would be delighted to meet my hon. Friend knows, as she knows, although I think it would probably be more useful for her if she were to meet Lord Vallance, who is the Minister for life sciences. My hon. Friend is absolutely right; we would of course much prefer this investment to go ahead and to have been able to get this deal over the line. However, it has not been possible, and we now have to look at different ways of ensuring that we strengthen the relationship with AstraZeneca. However, I would point to other investments that have been made in recent months, including in life sciences, to quite significant effect.
3 Feb 2025 · AstraZeneca · Hansard source
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I will take support from wherever I can get it, so I am grateful to the right hon. Gentleman. It is a very simple point that when the Government invest in businesses of whatever kind, we have to make sure that we get value for money for the taxpayer, even when there is a very large cheque on the table. AstraZeneca decided to change the structure of its research and development, which is one of the reasons why we had to change the amount of money that we were prepared to put in, but the right hon. Gentleman’s other points are very good and well made.
3 Feb 2025 · AstraZeneca · Hansard source
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As the largest company listed on the London Stock Exchange, employing more than 10,000 people and investing about £2.5 billion every year in the UK, AstraZeneca is a close and valued partner to this Government and is critical to the UK’s thriving life sciences sector. We saw that in the covid-19 pandemic, when AstraZeneca partnered with the University of Oxford to create a safe and effective vaccine that was manufactured and distributed around the world, saving millions of lives. This type of partnership for the prevention of illness is critical to achieving the Government’s ambition of reducing the burden on the NHS. AstraZeneca’s decision not to invest in Speke, Liverpool is therefore deeply disappointing and follows intensive work and collaboration between the Government and the company. This collaboration on Speke dates back to 2020 and led to an announcement at the spring Budget 2024 when AstraZeneca set out its intention to invest £450 million into its flu vaccine manufacturing facility. To secure that investment, the previous Chancellor provided assurance of His Majesty’s Government support, valued at around £90 million, subject to successful completion of due diligence. That support was based on His Majesty’s Government’s initial assessment of figures provided by the company. Both the previous Government and this Government have always made clear that full due diligence would be required before a final Government offer could be confirmed. Since the spring Budget, AstraZeneca confirmed a significant change in the composition of its proposed investment, resulting in a smaller level of research and development being conducted in the UK. As the shadow Minister would expect, that change in AstraZeneca’s UK investment resulted in a corresponding change in Government support. Our revised Government offer sought to ensure value for money for the taxpayer and followed due diligence of the investment put forward by AstraZeneca. We remain closely engaged with AstraZeneca as we develop our new industrial strategy, build a health system fit for the future and drive up economic growth. In the spring, the Government will release our industrial strategy, containing a comprehensive plan for growing the life sciences sector. That will build on the significant momentum generated by the plan for growth, including delivery of the Oxford-Cambridge growth corridor, as well as the Budget announcement of the life sciences innovative manufacturing fund, the suite of inward investment announced at the international investment summit and the strategic partnerships announced with Oxford Nanopore and Eli Lilly.
3 Feb 2025 · AstraZeneca · Hansard source
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The right hon. Lady puts it in a particular way, but it is not a way that is consonant with the facts. The fact is that this deal had not been signed or got over the line by the previous Government, who, as I have said, would quite often announce things and not actually deliver in the end. In spring 2024, the then Chancellor made it very clear in the documents that accompanied the Budget that all of this was contingent—his words, not mine—on due diligence. The then Government had not yet done the due diligence.
3 Feb 2025 · AstraZeneca · Hansard source
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Yes, 100%. I know that my hon. Friend has visited AstraZeneca and spoken to it many times. He is absolutely right to note that there are, I think, 4,000 working at the Macclesfield site, and will continue to do so. I am sure that AstraZeneca has a very strong future in Macclesfield. Nothing in this decision changes that one iota.

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