Oral Answers to Questions

George Freeman Excerpts

Tuesday 11th October 2022 Commons Chamber

[George Freeman (Mid Norfolk) (Con)]

8. What fiscal steps he is taking to support research and development.

[The Economic Secretary to the Treasury (Richard Fuller)]

At the 2021 spending review, the Government announced an increase in public expenditure on R&D to £20 billion a year by 2024-25, including funding for association to EU programmes.

[George Freeman]

I thank the Chancellor and his team for making the Treasury a growth Department. Do they agree that innovation-led growth is particularly important if we want to drive up productivity, competitiveness and inward investment, and that our high-growth sectors such as space, agritech and fusion have a big role to play? Will the Economic Secretary specifically reassure those in the R&D community that he will not be tempted to reduce the allocation for Horizon or for science and research in the comprehensive spending review? That would reassure the markets.

[Richard Fuller]

Very few Members can look back on a track record of commitment to R&D as significant as that of my hon. Friend, both as a Minister and as a Back Bencher. I am happy to confirm to him that we will abide by the spending review 2021 decisions, and that that includes funding for core Innovate UK programmes, for association to Horizon Europe and for the Advanced Research and Invention Agency.