Chancellor Rachel Reeves described a US company’s £500m private investment in a UK research campus as a “real demonstration of confidence in what this Government is doing to grow the economy”.

The investment from San Francisco-based developer Prologis, announced days after Labor’s budget, will fund a 115,000-square-foot expansion of the Cambridge biomedical campus.

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

The new development will house high-tech laboratories, supporting clinical trials and diagnostic services.

It will inject millions of dollars into the UK economy every year and create more than 2,120 highly skilled jobs in areas from research to diagnostics.

Ms Reeves visited campus on Friday and toured the research institute, the MRC Molecular Biology Laboratory, spoke with staff and saw some of the science that goes on there.

Asked about the investment, she said: “It is a real show of confidence in what this government is doing to grow the economy that just days after the budget, Prologis is announcing this £500 million investment in the Kingdom -United here in Cambridge to grow the economy. life sciences industry in Britain.

“The UK has huge strengths in sectors such as life sciences, but this additional investment will mean we can create more good jobs with decent wages and develop life-saving medicines here in the UK. lives. This is incredibly exciting as it means patients across the UK will have access. better quality medicines while strengthening our research capacity.

Research at the Cambridge Biomedical Campus addresses the world’s most pressing health challenges, including developing techniques to detect cancer early and understand dementia.

Paul Weston, regional director of Prologis UK, said: “Many issues hinge on this crucial first budget and strong support from the private sector to deliver on investment pledges will be essential.

“The government’s commitment to unlocking foreign direct investment aligns with our own objective of partnering with public and private stakeholders to invest and provide the infrastructure needed for long-term sustainable growth.

“The steps already taken through the launch of the National Planning Policy Framework and the Industrial Strategy Green Paper pave the way for a stronger and more resilient industrial base.

“These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis stands ready to support the Government’s ambitions, providing the spaces that can unlock growth and development.”

“We look forward to continuing our collaboration and investment activities, to ensure the UK continues to play a leading role on the global stage. »

Science and Technology Secretary Peter Kyle said: “The UK life sciences sector is at the heart of our ambitions for the UK – from driving economic growth to save and improve lives through better treatments.

“Major investments like that of Prologis, bringing together the world’s largest companies in the sector under one roof in Cambridge, are another vote of confidence in the UK’s approach to long-term growth.

“Just days after the Chancellor increased public funding for R&D to record levels, it underlines how this Government stands with business in our shared ambition to ensure that everyone in the UK benefits from scientific progress and technological. »