The Budget is now a week old and has been very well-analysed. Since then we have seen a lot of discussion of the aggregate tax take, and of individual tax measures – and in particular national insurance and inheritance tax. Less well travelled is some joined up thinking about some of the areas where the Budget necessitates private investment and wider partnership with the private sector to deliver the growth that Reeves targets.

Medicines tie-up between the state and pharma sector shows how long-term thinking and creativity can deliver benefits for both the taxpayer and business.