The Chancellor of the Exchequer George Osborne MP delivered a major speech on economic policy at Imperial's White City Campus today.

The Chancellor used the occasion to set out his plans for the government’s upcoming Spending Review. 

Speaking on the site of Imperial’s new Translation and Innovation Hub, which is set to open next year, Mr Osborne said: “It’s great to be here at Imperial College’s White City Campus.

“I deliberately chose to come here today, to this science campus, to talk about economics. Because this place doesn’t just represent the future of science in the world, it represents the future of our economy here in the UK. World-beating science and innovation, turned into commercial application, with space for 50 spin-out companies based here.”

He noted how Imperial research is “Conducted in collaboration with the best in the world, including your entrepreneurial collaboration with Zhejiang University in China.” 

Long-term prosperity

The Chancellor highlighted the mix of public and private funding, which is behind Imperial’s White City Campus, “all supported by taxpayer resources deployed in a strategic way to support our long-term economic prosperity.”

He praised Imperial’s bold move to seize the opportunity to develop a new campus in White City, with initial support from the government’s Research Partnership Investment Fund. 

Mr Osborne said: “For the decision to fund this project was taken three years ago – in the tough early years of a deficit reduction plan. Funding that proved, even in straitened financial times, if you are prepared to take difficult decisions elsewhere, you can prioritise investments in our economic future.”

The visit to White City Campus came just weeks after the Chancellor visited Imperial’s South Kensington Campus alongside China’s President Xi Jinping. 

The Chancellor’s full speech can be viewed here.