The UK will devote another £17 million in funding to businesses within the life sciences, Chancellor Philip Hammond announced in late October. The funding is a part of the UK’s industrial strategy and will be directed to companies that further drug discovery and that support mental health treatment.
Hammond linked the funding to increasing higher-paying jobs, saying:
We have a successful and resilient economy which is supporting a record number of people into employment. My focus now, and going into the Budget, is on boosting productivity so that we can deliver higher-wage jobs and a better standard of living for people across the country.
Three projects were identified as recipients of the £17 million. The development of a cryo-electron microscope that aids in discovering new drugs will receive £5 million. £7 million will go to the establishment of an ‘innovation hub’ that will host the UK Centre for Engineering Biology, Metrology and Standards. The final £5 million will be used to expand a business catalyst scheme with focus on treatment for mental health.