Industrial Strategy

Debate between Lord Prior of Brampton and Lord Haskel

Wednesday 28th June 2017 Lords Chamber

[Lord Haskel]

To ask Her Majesty’s Government when they will introduce their industrial strategy.

[The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Prior of Brampton) (Con)]

My Lords, our industrial strategy Green Paper was launched on 23 January. Following extensive consultation, we intend to publish a White Paper in the autumn.

[Lord Haskel (Lab)]

I thank the Minister for that Answer. At least we have taken a first step away from austerity. Perhaps I may ask him the question everybody else out there would like to have answered: will he confirm that the funding laid out in the Autumn Statement 2016 will be made available in full, plus the substantial increase in grant funding to be awarded through UKRI, which was also promised in the Autumn Statement, so that money for innovation will not be spread too thinly?

[Lord Prior of Brampton]

I am very happy to give that assurance. As the noble Lord will know, UKRI will receive an additional £4.9 billion over the period to 2021. Much of that resource will go through UK Innovate into a number of productivity schemes. I hope that will be, as he says, a creative alternative to austerity.