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Chancellor announces £18 million for life sciences and new business centre as part of Glasgow and Clyde Valley City Deal

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New funding for the life sciences and a new centre for business as part of the Glasgow City Deal

Chancellor of the Exchequer, George Osborne MP, has announced new funding for the life sciences and a new centre for business as part of the Glasgow City Deal. The announcement was part of the Chancellor’s speech at the Commonwealth Games Business Conference in Glasgow.

The UK government will provide:

  • £16 million UK government contribution to a new £64 million Stratified Medicine Imaging Centre of Excellence which will provide life science research and innovation facilities at the New South Glasgow Hospitals Campus
  • a £1.2 million UK government contribution to a £4 million MediCity Scotland facility which will bring together academics, entrepreneurs, clinicians and business support services to bring new healthcare services and medical technology to the market
  • £1.7 million UK government funding for a new £4 million Centre for Business Incubation, Development and Recovery in Tontine House in Glasgow’s Merchant City

The remaining funding for these projects is being provided by local partners in Glasgow, including the Scottish Government, Scottish Funding Council, Glasgow City Council, the University of Glasgow and the University of Strathclyde

Speaking at the Commonwealth Games Business Conference, Chancellor of the Exchequer George Osborne said:

I can announce today three further measures we are taking to support this City Deal and Glasgow’s vision.

First, the UK Government will invest £16 million to support the new £64 million Stratified Medicine Imaging Centre of Excellence at the impressive new South Glasgow Hospital.

This is a hugely exciting new technology that has the potential to improve radically treatments for chronic diseases including cancer, diabetes and dementia – with treatments tailored to the patient’s DNA.

It’s a major investment in Glasgow’s growing life sciences industry – which will keep them at the cutting edge in this global race.

Second, we’re going to invest over £1 million to help establish a MediCity Scotland campus on the outskirts of Glasgow.

Medical Technology is already big business here, with ever more spin outs emerging from universities here.

We’re backing them today with this new a space where academics, entrepreneurs and clinicians will come together to develop new technologies and new businesses.

And third, we are going to invest in a new business incubator in the heart of Glasgow’s historic Merchant City.

It’ll house up to 125 businesses over the first five years – providing them with the very best facilities and mentoring so they can thrive.

These initiatives – taken together with the infrastructure fund – have the potential to create almost 30,000 jobs in the area.

Chief Secretary to the Treasury, Danny Alexander, said:

Glasgow is one of our great cities with a proud history. As the City showcases itself to the world I am delighted the UK government is announcing further details of the Glasgow City Deal – a deal that will allow Glasgow to continue to go from strength to strength.

Scotland has a phenomenal record in the life sciences sector. I am determined that this record is extended well into the future and the £16 million that the UK government is providing towards a new Stratified Medicine Imaging Centre of Excellence at the New South Glasgow Hospitals Campus should help to ensure that.

The Leader of Glasgow City Council, Gordon Matheson said:

The City Deal will transform the Glasgow City region. It is the best example of partnership between local and central government.

The Imaging Centre of Excellence will put Glasgow at the forefront of cutting edge medical research. This will mean not only better health for Glaswegians but, crucially, more sustainable, high value jobs.

Photo courtesy of [Ianan])https://www.flickr.com/photos/ianan/6644303165) on Flickr, used under Creative Commons.