Oral Answers to Questions

Debate between Chris Coghlan and James Murray

Tuesday 28th April 2026 Commons Chamber

[Chris Coghlan (Dorking and Horley) (LD)]

T6. It has been widely reported in the press that the Chancellor is rightly considering issuing defence bonds. I know that the Chancellor agrees with me on the value of defence research and development. Does she or the Minister agree that defence bonds could be a powerful way to increase R&D and raise economic growth?

[The Chief Secretary to the Treasury (James Murray)]

Whatever the purpose, spending funded from bonds issued by the Government adds to the national debt and so must be considered within the fiscal rules. But the hon. Gentleman is right to point to the importance of research and development within the defence industry to support economic growth. I am proud that last year we allocated £400 million for UK defence innovation to foster a world-leading UK defence tech sector.

Oral Answers to Questions

Debate between Chris Coghlan and James Murray

Tuesday 9th December 2025 Commons Chamber

[James Murray]

I can be clear that we are committed to the OBR’s independence as a forecaster and to the core role it plays within our fiscal framework. The Chancellor has also been clear, however, that forecasts are not our destiny. We will not let Britain be held back by the failures of the previous Government. At the Budget, the OBR revised upward its growth estimate for this year, and we are determined to exceed forecasts again.

[Chris Coghlan (Dorking and Horley) (LD)]

T4. Public research and development is so powerful for economic growth that US patents funded by it generate 12 times more growth than those that are not. But does the Chancellor accept the judgment of the OBR that UK public R&D will generate no additional incremental growth because we are not increasing it enough?