UK Well-Placed in Global Race for Investment, Tech Minister Says

Britain is well-placed to attract high-growth companies, despite increasing global competition due to interventions such as US President Joe Biden’s massive package of subsidies and tax breaks for green industries, a government minister said.

“The UK’s in a very powerful position,” acting Science, Innovation and Technology Secretary Chloe Smith said in an interview ahead of a Treasury announcement for a £650 million ($800 million) package of measures to boost Britain’s life sciences sector. “This is not a subsidy race. This is about using taxpayers’ money to gain even more for taxpayers.”

Chloe Smith tours a research lab at the Guy’s and St Thomas’s Hospital is London, on May 25.

Photographer: Jose Sarmento Matos/Bloomberg

The extra funding is the latest bid by ...