Chris Coghlan
Main Page: Chris Coghlan (Liberal Democrat - Dorking and Horley)Department Debates - View all Chris Coghlan's debates with the HM Treasury
(3 days, 7 hours ago)
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Rachel Reeves
My hon. Friend is absolutely right: what this spending review does, through its investment in infrastructure, is create jobs in our supply chains for small businesses in communities right across our country. The investment in some of our foundational industries, such as steel, offers real opportunities for good, unionised jobs that pay decent wages, and I am really proud to be able to set out that investment and the jobs that young people in Darlington and around the country will be able to access because of the choices we have made today.
Chris Coghlan (Dorking and Horley) (LD)
As the Chancellor knows, our economy will only escape its difficult place if we raise economic productivity. On the Treasury Committee, I introduced the Chancellor to London Business School’s Paolo Surico’s research on how using public R&D, and especially defence spending, can help us to do that. In the spring statement, the Government used Professor Surico’s research to upgrade long-term GDP forecasts by £11 billion a year—that is how we pay for it. I strongly welcome the Government’s commitment to investing in public R&D in the spending review, but how will the Chancellor follow through to ensure that the R&D will be used to crowd in and stimulate public investment—especially from the more innovative, high-tech start-ups and venture capital firms—which is necessary to realise the potential of Professor Surico’s research?
Rachel Reeves
Every £1 of Government investment in R&D crowds in £2 of private investment and returns £7 of benefit to the wider economy. That is why we have put £86 billion of investment into R&D over the course of this spending review.