Autumn Statement

Baroness Blackwood of North Oxford Excerpts

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

As we have now discovered, the recession was even deeper than we knew at the time, with a 7% fall in national income. The financial crisis had an even bigger effect on our economy and its recovery and, at the same time and as is obvious to everyone, our nearest neighbours in the eurozone almost had their currency fall apart and remain in recession. During this period, we were also told repeatedly that if we stuck with our plan and went on trying to reduce the deficit, there would be no economic recovery. We have still had no explanation from a Labour Member as to why we now have a recovery.

[Nicola Blackwood (Oxford West and Abingdon) (Con)]

As an Oxford MP, I welcome the Chancellor’s personal commitment to science and his ongoing investment in Oxfordshire science. We already lead the world in key sectors, but does he agree that, as well as funding certainty, future STEM competitiveness will rely on our redoubling our efforts to raise school standards and increase our pool of highly skilled researchers and technicians—women as well as men?

[Mr Osborne]

I agree with my hon. Friend. She represents one of the greatest universities in the world. I met yesterday a professor of physics from Oxford university, Professor Walmsley, and he was very welcoming of the additional investment we are putting into quantum technology—£270 million in the coming years. It is cutting-edge technology and Oxford is a leader in it. I agree that we need to make sure that kids come out of our schools with the science and maths to take the undergraduate places that turn into the graduate research fellowships and the like. The school reforms being pursued by the Government are the best guarantee of that happening.