Oral Answers to Questions

Debate between Julie Marson and Andrew Griffith

Wednesday 10th January 2024 Commons Chamber

[Dr James Davies (Vale of Clwyd) (Con)]

13. What recent discussions she has had with Cabinet colleagues on trends in the level of private investment in research and development in the last 12 months.

[The Minister for Science, Research and Innovation (Andrew Griffith)]

This Government have a fantastic track record of mobilising private investment in research and innovation, alongside delivering the largest ever public spending, which will reach £20 billion a year next financial year. In November, the global investment summit saw commitments to invest almost £30 billion in the UK, including the decision by Flagship Pioneering, one of the world’s leading life science investors, to have its first international base in the UK.

[Julie Marson]

Hertford and Stortford lies at the heart of the innovation corridor, so private investment is very important to businesses in my constituency. Does the Minister have any assessment of the likely impact of the Mansion House reforms on that trend and the great track record of private investment?

[Andrew Griffith]

Like its Member of Parliament, Hertford and Stortford is indeed innovative. The Mansion House reforms, which in my previous role I helped the Chancellor to deliver, will unlock an estimated £50 billion of investment to scale up high-growth companies across the whole United Kingdom, including in my hon. Friend’s constituency. That sits alongside our £250 million initiative for long-term investment for technology and science—LIFTS—which will focus particularly on British pensioners investing in long-term growth opportunities in tech and the life sciences. When it comes to British innovation, this Government are all in, and I hope that in 2024 financial institutions will be too.