Rishi Sunak visits Stevenage as £900m investment in life sciences campus announced

Official portrait of Rishi Sunak

Rishi Sunak said the announcement will "cement our status as a global leader in life sciences", when he visited Stevenage on Monday - Credit: Parliamentary Office of Rishi Sunak

Plans to build a new life science campus in Stevenage – one of the largest of its kind in Europe – have secured up to £900 million in investment and up to 5,000 jobs.

On Monday, Rishi Sunak - then Chancellor of the Exchequer, before his shock resignation on Tuesday - visited Stevenage for the announcement.

GlaxoSmithKline first announced plans for a 33-acre campus next to its main research and development site on Gunnels Wood Road last year. Now UBS Asset Management has formed a joint venture with property developer Reef Group to take the development forward.

They are expected to deliver up to £900m of new investment and around 1.4 million square feet of laboratory and office facilities, providing space for up to 5,000 new jobs.

Mr Sunak said it will "cement our status as a global leader in life sciences".

Tony Wood, chief scientific officer designate at GSK, said it "will add much-needed laboratory space and facilities for new companies".