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<p>The Government is strongly committed to the success of the Life Sciences in the
UK and is already taking action in key areas to consolidate and build on the strength
of the sector. Government welcomes the Life Sciences Industrial Strategy recently
launched by Sir John Bell and will respond through a sector deal negotiation.</p><p>As
part of this commitment, the Government is working hard to support businesses and
entrepreneurs across the UK to ensure they can access the finance and wider support
they need to grow and have the right conditions for companies to invest long-term.
Through the British Business Bank (BBB) Venture Capital Catalyst Fund a £400m expansion
was announced at Autumn Statement 2016, which aims to crowd in a total of £1bn for
companies looking to scale up.</p><p>In addition, work is continuing through HM Treasury’s
Patient Capital Review to look into long-term investment in innovative companies with
life sciences featuring highly. The Department is working closely with HM Treasury
and recommendations from the review will be made to my right hon. Friend the Chancellor
for the Autumn Budget.</p>
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