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Boost to genetics research and Oxford-Cambridge Arc from Spring Statement

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The Chancellor’s Spring Statement included £45 million for genomics research in Cambridge and further measures to boost growth in the Oxford-Cambridge Arc.

The European Bioinformatics Institute (right) at the Wellcome Trust Genome Campus in Hinxton will benefit from extra cash from the government’s National Productivity Investment Fund to help Britain maintain its lead in genomics research. Steve Elsom, regional director for the East of England at Lloyds Bank Commercial Banking, said the announcement on genetics research was: “…welcome news and a vote of confidence in the region’s economy, and a huge boost to those in the biomedical sector.”

The statement also included measures to bolster growth in the Oxford-Cambridge Arc, including £445 million from the Housing Infrastructure Fund to unlock over 22,000 homes. It also included a joint declaration with local partners on a shared vision for the arc.

But economists had mixed views on the impact of the statement. Yael Selfin, chief economist at KPMG in the UK, said: “Despite the downward revision to gdp forecasts, the Chancellor was given an additional £11bn headroom today to spend, thanks to better revenue forecasts by the OBR. The larger war chest of £26.6bn will not go far enough in the event of a no-deal Brexit, as the economy will require a significant boost to counter the shock."

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Last Updated ( Friday, 15 March 2019 16:21 )