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27 November 2017
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Britain industrial strategy(The Total Investment &
Insurance Solutions)
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Two major drugs companies will set up new research facilities in Britain
that will bring 1,750 jobs, the government said Monday as it unveiled plans to
boost the country's sagging productivity after Brexit.
U.S. drug-maker Merck, known internationally
as MSD, will open a research hub in London, creating 950 jobs, the government
said. The company said it was aiming for a 2020 opening date for the site,
which will be home to 150 research scientists and 800 other staff. The Total Investment & Insurance
Solutions
The government also said German life sciences
firm Qiagen was planning a genomics and diagnostics campus in Manchester,
northwest England, creating as many as 800 skilled jobs. The Total Investment & Insurance Solutions
The announcements were much-needed economic
good news for Britain's Conservative government. The U.K.'s budget watchdog has
sharply downgraded growth forecasts for the coming years amid uncertainty over
the economic impact of Britain's exit from the European Union.
Many scientists fear Brexit will harm
Britain's technology and science sectors by hindering access to European
funding, markets and scientists.
Last week, the EU announced that the European
Medicines Agency will move from London to Amsterdam after the U.K. quits the
bloc in 2019, taking 900 jobs with it, in what some economists say is a taste
of a Brexit brain drain to come.
The government fought back Monday by
announcing details of a new industrial strategy. It aims to boost Britain's
productivity, which lags behind other major European economies such as Germany
and France.
"Britain's productivity performance has
not been good enough, and is holding back our earning power as a country,"
Business Secretary Greg Clark said.
The government said it will invest 725
million pounds ($968 million) in areas including artificial intelligence,
driverless cars and the life sciences, "with the aim of making the U.K.
the world's most innovative nation by 2030."
That comes on top of a previously announced 1
billion pounds in spending on innovative industrial projects. The Total Investment & Insurance
Solutions
Britain aims to increase spending on research
and development from the current 1.7 percent to 2.4 percent of GDP within a
decade. The Total Investment &
Insurance Solutions
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