“Whilst we all want to see Pfizer, AZ and, if the shareholders agree a deal, the combined company, investing in R+D in the UK, the way to do that isn’t by protectionist legislation being suggested by Labour.

“Instead we should be redoubling our commitment to create the world's best landscape for life science research and development. We are in a Global Race for inward investment - rather than trying to force companies here, modern Governments have to be more entrepreneurial and do a deal.

“Why don’t we offer and negotiate Pfizer and AZ a 10 year R+D Agreement in which we enter binding commitments to deliver the key policies industry needs: quicker uptake of new medicines, faster recruitment into clinical trials and access to UK genomics and biobanks and NHS Research.

“The only way to secure long term jobs here is to make a landscape conducive for innovation to flourish. Governments can’t legislate for jobs in a global economy. We have to show companies this is a great place to do business.”