Stevenage's economy is facing a £110 million a year hit from GSK's decision to move out of the town from 2029, it has been revealed.

Richard Henry, leader of Stevenage Borough Council, revealed the figure at a cabinet meeting yesterday (Thursday, September 10) that saw the authority agree to create a taskforce responding to GSK's decision.

The pharmaceutical giant announced in July that its Stevenage site will close in 2029 as part of a move to Cambridge, with around 1,800 jobs affected.

Initial council estimates suggest that GSK's presence in the town adds around £110m each year to its economy.

Cllr Henry said the council plans to set up a partnership taskforce to "develop an implementation plan covering support for local people, the supply chains, and the economy during the transition…alongside the long-term future of the site".

"This will seek to secure government support and other support from organisations as we go through this, and will also use the council's planning and place-shaping levers to maximise high-value employment in the site, while recognising that GSK owns the site and they will make the decisions about its disposal," he said.

The aim is for the taskforce to work with partners including the government and Hertfordshire Futures to report back to the council's cabinet with a plan by June 2027.

Council funding of £440,000 for the taskforce to carry out its work was also approved at yesterday's meeting.

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While Cllr Henry accepted that the GSK news presents "a major economic challenge" to Stevenage, he added: "The town does retain a substantial life sciences cluster, employing more than 4,000 people across the campus, alongside significant strengths in defence, aerospace, space and other STEM sectors."