Industrial Strategy Consultation Debate
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Baroness Donaghy
Main Page: Baroness Donaghy (Labour - Life peer)Department Debates - View all Baroness Donaghy's debates with the Department for Business, Energy and Industrial Strategy
Industrial Strategy Consultation
Baroness Donaghy Excerpts(7 years, 9 months ago)
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Lord Prior of Brampton
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 (Lab)
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?