Lord Livermore’s Growth Briefing

Lord Livermore, the Financial Secretary to the Treasury, laid out the government’s economic growth strategy, reinforcing its commitment to fostering business investment and job creation.

While the briefing at No.10 covered broad economic policies, it also raised questions about its impact on specific industries. For SMEs and patients relying on medicinal cannabis, the key themes of stability, reform, and investment carry both opportunities and challenges.

A More Stable Business Environment for SMEs?

One of the primary messages from Lord Livermore was the government’s commitment to financial stability. Businesses, especially SMEs, often struggle with sudden regulatory and tax changes, making it difficult to plan ahead. The decision to maintain corporation tax at 25% for the duration of the current Parliament provides some certainty. Stability also extends to long-term investment policies, including research and development incentives and a more predictable financial environment.

For businesses in the medicinal cannabis sector, this means a degree of economic predictability. However, the government did not indicate whether the sector would receive tailored support, leaving companies to navigate ongoing regulatory challenges with little reassurance that their concerns will be directly addressed.

Cutting Red Tape – Will It Help the Cannabis Sector?

A key element of the government’s growth strategy is regulatory reform. Planning delays and bureaucratic hurdles have long been cited as barriers to business expansion. The government’s commitment to addressing these inefficiencies could make it easier for businesses to set up facilities, expand operations, and secure approvals.

For medicinal cannabis companies, this could be significant if reforms extend to licensing and product approval processes. Currently, businesses face complex and often slow-moving regulatory procedures, limiting their ability to scale. If the government truly intends to break down barriers to investment, simplifying cannabis regulations would be an important step. However, no specific mention was made of the cannabis industry, raising concerns that it may remain entangled in outdated legal frameworks.

Investment and Growth – Will Cannabis Benefit?

The briefing highlighted ambitious plans for investment, with £100 billion earmarked for infrastructure over the next five years. There is also a focus on pension fund reform and targeted investment in high-growth industries such as AI, life sciences, and clean energy. The challenge for medicinal cannabis businesses is whether they will be included in these investment streams.

While the government recognises the importance of fostering private-sector growth, it remains unclear whether medicinal cannabis companies will gain access to these funding opportunities. If the industry is left out, businesses will continue to face difficulties securing capital, limiting innovation and market expansion. To benefit, industry leaders will need to actively engage with policymakers to ensure medicinal cannabis is treated as part of the UK’s growing life sciences sector.

What Does This Mean for Patients?

While the briefing focused on economic growth, the reality for medicinal cannabis patients remains unchanged. High costs, supply chain issues, and a lack of NHS funding continue to be major barriers to access. If regulatory reforms include streamlined approval processes and import/export regulations, patients could benefit from increased availability and reduced prices. However, without direct policy changes, it is unlikely that the economic strategy alone will lead to lower prescription costs or greater NHS support.

The focus on stability and investment could indirectly support medicinal cannabis patients if businesses in the sector receive greater backing. However, without explicit government intervention to address affordability and prescription availability, patients may see little immediate benefit.

A Step Forward, But Questions Remain

Lord Livermore’s briefing outlined a broad economic strategy that emphasises stability, regulatory reform, and investment. While these themes are positive for businesses, their impact on the medicinal cannabis sector remains uncertain. Without targeted policy changes, the industry could continue to face significant barriers, limiting its ability to grow and provide more affordable treatment options for patients.

For the sector to truly benefit, cannabis businesses and advocacy groups must push for inclusion in the government’s investment plans and regulatory reforms. Only then can stability, reform, and investment translate into real progress for businesses and patients alike.