Dave Ricks, CEO of Eli Lilly, has raised concerns over the UK’s current planning procedures. These regulations reportedly impede rapid factory construction, making the UK less attractive for pharmaceutical investments.
Ricks shared that he had considered the UK for a manufacturing facility over the past decade but chose locations elsewhere. This decision stemmed from the UK’s burdensome planning laws, which lag behind places like the US and Ireland.
In a stark critique, Ricks highlighted the UK’s planning processes as sluggish compared to its international competitors. Countries like the US and Ireland have more efficient systems, enabling quicker factory establishment.
Ricks elaborated on his experiences, noting that other countries often pre-reserve land and offer to bypass red tape. Such measures significantly reduce the time required to set up new facilities.
Ricks emphasised that streamlined processes are crucial to meet this demand efficiently.
He urged the UK to enhance these aspects to remain competitive on a global scale.
The Conservative Party did not immediately respond to requests for comment.
‘It’s a competition,’ he said. ‘You have to make it easier and faster for companies to make that choice.’
A Liberal Democrat spokesperson echoed Ricks’ sentiments, criticising years of Conservative mismanagement. They proposed an industrial strategy to create a stable business environment with smart regulations.
As the UK grapples with the need for economic revitalisation, reforms to the planning system could play a pivotal role in attracting critical investments.
The UK’s cumbersome planning laws are a significant barrier to attracting pharmaceutical investments, as highlighted by Eli Lilly’s CEO.
Reforms to streamline these processes could make the UK more competitive, potentially revitalising its economy and attracting critical foreign investments.