Industrial Strategy Consultation

Baroness Donaghy Excerpts
Monday 23rd January 2017

(7 years, 10 months ago)

Lords Chamber
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Lord Prior of Brampton Portrait Lord Prior of Brampton
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We will certainly bear that in mind. Clearly, the rates of tax, whether that is corporation tax, business rates or any other costs to business, are critically important. I take on board his comments about the importance of the rural economy.

Baroness Donaghy Portrait Baroness Donaghy (Lab)
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My Lords, I am glad that the Minister seems to be enjoying his new brief, and I welcome the new Green Paper and its wish list. However, I am a bit concerned about research and development. The same announcement as that in the Green Paper was made last autumn—they are identical—and that is in the context of a 50% cut in research and development since 2010. Therefore, to announce an increase when there has been a real cut over a period of five years seems to be not a good start to the discussion on research and development. The Minister himself has said how important research and development is. Will this be a real increase, and will it be sustainable?