Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what is the total UK spend on research and development as a percentage of gross domestic product; where the UK ranks against the other OECD nations in this regard; and what is their target for increasing the level by the end of this Parliament.
Answered by Lord Vallance of Balham - Minister of State (Department for Science, Innovation and Technology)
Office for National Statistics figures show that the UK spent 2.77% of its GDP on research and development in 2022, placing it 11th amongst OECD countries. The trajectory for public spending on R&D from 2026/27 onward will be set at the Spending Review next year. The Government is focused on ensuring that public investment in R&D drives effective growth outcomes, including growing private sector R&D investment.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what plans they have to support research and development by small and medium-sized companies.
Answered by Lord Vallance of Balham - Minister of State (Department for Science, Innovation and Technology)
Innovate UK supports research and development by SMEs through a diverse range of programmes including the Catapult Network, Launchpads, Investor Partnerships and Business Growth. Over the last 2 years, Innovate UK has awarded £5.2 billion funding to more than 7000 businesses, of which 86% were SMEs.
The Regulatory Innovation Office has been established to update regulation and speed up approvals, allowing SMEs to bring products and services to market faster.
The government also grants R&D tax reliefs rates. Companies doing qualifying R&D continue to receive a cash value of between £15 to £27 for every £100 spent on R&D.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government whether they will publish (1) their original investment case, including financial projections, for the purchase of a $500 million stake in US satellite technology company OneWeb in 2020; and (2) an updated business case and financial projections for their investment in the company.
Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)
As was the case under previous governments, any investment case informing Government's decision to invest in OneWeb, including financial projections, remains commercially sensitive. As a publicly traded company, Eutelsat Group regularly publishes its financial results, including market guidance on their outlook and financial objectives, and the latest were published on 16 February 2024.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government, according to their business plan justifying their investment in US satellite technology company OneWeb in 2020, what projection they made of the value of the company at the end of 2024.
Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)
As was the case under previous governments, any investment case informing Government's decision to invest in OneWeb, including financial projections, remains commercially sensitive. As a publicly traded company, Eutelsat Group regularly publishes its financial results, including market guidance on their outlook and financial objectives, and the latest were published on 16 February 2024.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what is their (1) current, and (2) expected future, equity stake in US satellite technology company Eutelsat OneWeb (formerly OneWeb).
Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. The Government has no plans to change its 10.89% shareholding in Eutelsat Group at this time.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what is the current value of the Government's stake in Eutelsat OneWeb.
Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. At close of trading on 26 April 2024, the market value of the UK Government’s shareholding in Eutelsat Group was approximately €201 million or £171 million.
The Government’s investment into OneWeb has already created or protected around 400 UK jobs and Eutelsat OneWeb continues to ramp up commercial operations, with an order book of approximately €700m according to the company’s public filings.
Asked by: Lord Mendelsohn (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government whether any additional equity or debt has been earmarked for further investment in Eutelsat OneWeb, following the Government's $500 million investment in 2020.
Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)
Eutelsat OneWeb is a UK-based subsidiary of Eutelsat Group. The Government has not earmarked any additional equity or debt for investment into Eutelsat Group.