The Chancellor has welcomed a £50 million deal with Accord to build a state-of-the-art medicines manufacturing facility that incorporates the latest automation technology.

It is hoped the investment will create over 50 skilled jobs and safeguard the site’s long-term future.

The deal is backed by government investment and will provide for Accord to ontinue producing and supplying lifesaving medicines for oncology and autoimmune diseases treatments to the NHS.

It is hoped the investment will also help to shore up the UK’s supply chain of critical medicines and boost UK health resilience.

Chancellor of the Exchequer Rachel Reeves said: “No one should be in any doubt that it is my number one mission to grow our economy.

“The £100bn capital investment in my Budget this week helps us achieve that by attracting private investment. It’s that partnership model that will grow our economy and restore stability, whilst delivering better jobs and driving prosperity across all corners of the country.”

Science and technology secretary Peter Kyle said: “Medicines manufacturing is a UK success story. Partnerships between government and industry are crucial in taking groundbreaking new treatments from research labs to treating patients.

“Investments like this will help secure the manufacture of next generation life-saving medicines and support our resilience to future pandemics.

“This joint public-private investment in Accord Healthcare’s site will retain and create highly skilled jobs in Newcastle, ensuring we reap the benefits of the talent in every corner of our country while growing our local and national economies.”