Oral Answers to Questions

Debate between Nusrat Ghani and David Gauke

Tuesday 17th January 2017 Commons Chamber

[Nusrat Ghani (Wealden) (Con)]

3. What fiscal steps he is taking to encourage investment in innovative UK science and technology projects.

[The Chief Secretary to the Treasury (Mr David Gauke)]

As announced at the autumn statement, the Government are significantly increasing investment in research and development, which is rising by an extra £2 billion a year by 2020-21. That is the largest increase over a Parliament since records began in 1979. This includes an industrial strategy challenge fund, which will support collaboration between businesses and the UK’s world-leading science base. That will ensure that the UK remains an attractive place for business to invest in innovative research, and that the next generation of discoveries are made, developed and produced in the UK.

[Nusrat Ghani]

I thank the Minister for his answer. Scientifica, one of the largest employers in my constituency, won both business of the year and export business of the year for 2016 at the British Chambers of Commerce’s annual awards. I will be incredibly proud to join Scientifica when it opens the London stock exchange in March. Will he join me in congratulating Scientifica, and will he pledge to continue supporting such businesses, which export the best of British scientific innovation, collaboration and enterprise to the rest of the world?

[Mr Gauke]

I am delighted to join my hon. Friend in congratulating Scientifica, and I am happy to make that pledge. At the spending review, we committed to a £175 million reinvestment in UK Trade & Investment, now part of the Department for International Trade, to drive UK exports. We remain committed to ensuring that UK exporters receive world-class support. Indeed, as the Prime Minister will make clear today, maintaining the UK as one of the best places in the world for science and innovation is a priority for us.