Oral Answers to Questions

Julian Sturdy Excerpts

Thursday 23rd January 2014 Commons Chamber

[Vince Cable]

The hon. Gentleman is quite right. Indeed, one of the more encouraging signs over the past year is that unconventional forms of lending, such as crowdfunding, are becoming increasingly common. The Government are supporting two of the main schemes that operate on a peer-to-peer lending basis. Lending is expanding very rapidly in that sector for the small and medium-sized companies that need it.

[Julian Sturdy (York Outer) (Con)]

8. What support he is providing to the life sciences sector.

[The Minister for Universities and Science (Mr David Willetts)]

We are supporting this key sector through our life sciences and agri-tech strategies, which back research and development and promote manufacturing. Since the Prime Minister launched our strategy two years ago, industry has announced investment of £2 billion, which is a vote of confidence in what we are doing.

[Julian Sturdy]

I welcome the Government’s commitment to encouraging the nation’s agri-tech industry and to recognising the importance of food security. The Minister and the Secretary of State will no doubt be aware of York and north Yorkshire’s huge potential to become a global leader in food manufacturing, agri-tech and biorenewables industries. As such, will the Minister clarify whether there are any plans to announce further catapult centres in this field?

[Mr Willetts]

There is a lot of interest in our new centres for agricultural innovation. We expect to announce the bidding process for the first one in the spring and we will consult on themes for the other centres. I congratulate my hon. Friend on reminding us of the case for York as a possible centre. Of course, my right hon. Friend the Secretary of State was brought up there, but we will try not to allow that to affect our decision.