£500m campus investment a 'show of confidence'

Rachel Reeves said the expansion would help "support the growth of the life science industry in Britain"

Chancellor Rachel Reeves said a £500m private investment by a US firm into a UK research campus as a "real show of confidence in what this government are doing".

The investment by San Francisco-based developer Prologis, announced days after Reeves's budget, will fund an 115,000 sq ft (10,684 sq m) expansion to its Cambridge Biomedical Campus.

The campus already supports more than 22,000 jobs and generates £4.2bn a year for the UK economy.

Ms Reeves said the expansion would help "support the growth of the life science industry in Britain".

She said: "The UK's got huge strengths in industries like this, but this additional investment means we create more good jobs, paying decent wages as well as developing lifesaving drugs.

"That's incredibly exciting because that means patients in the UK having access to better quality medicines while also building our research capability."

The new development will house hi-tech labs, supporting clinical trials and diagnostic services.

Paul Weston said Prologis was supporting "critical infrastructure"

Paul Weston, regional head at Prologis UK, said the project was "a continuation of the investment we have put in this location for over 20 years now".

He added: "There is a lot riding on this pivotal first budget and strong support from the private sector to follow through on investment pledges will be critical.

"We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage."

Mr Weston added that the newest phase of the campus would create about 2,700 jobs and was "critical infrastructure for the UK".