According to the study from British Land and Savills, there is a “severe shortage” of real estate space available to accommodate both current and predicted demand, with vacancy rates for fitted lab space just one per cent in Cambridge and London and seven per cent in Oxford.

It also found that if the life sciences markets matched the growth seen in the US, by 2035, it would generate 67,000 more jobs and lead to a £4bn economic boost.

In March, Prime Minister Rishi Sunak promised to help make the UK a science and technology superpower by the end of the decade, with various investments in upcoming technologies such as AI.

The report comes just days ahead of the Autumn Budget and calls on the government to implement “ambitious growth targets” for the sector, including growing its gross value added (GVA) by at least 25 per cent and doubling the value of inward foreign direct investment by 2035.

It also suggested that infrastructure improvements should be...