Oral Answers to Questions

Kit Malthouse Excerpts

Tuesday 31st January 2017 Commons Chamber

[Joseph Johnson]

The hon. Lady makes an important point. As the Prime Minister made clear in her speech the week before last, we greatly value the contribution that EU nationals make in our institutions. The Government have been exceptionally clear that during the negotiations we want to protect the status of EU nationals already living here. The only circumstances in which that would not be possible are if British citizens’ rights in other EU member states were not protected in return.

[Kit Malthouse (North West Hampshire) (Con)]

13. What financial support his Department is providing to the life sciences sector.

[The Minister for Universities, Science, Research and Innovation (Joseph Johnson)]

We invest £2 billion a year in health life sciences research through our research councils and the National Institute for Health Research. Through funding for the biomedical catalyst, we are helping businesses to bring that research to market. We announced in the new industrial strategy that Sir John Bell will be leading work on a strategy to make the UK the best place in the world to invest in life sciences.

[Kit Malthouse]

Alongside that welcome support, private investment will be critical to the success of the industry. Will the Minister outline what suggestions he might make in his Budget submission to the Chancellor to stimulate such investment?

[Joseph Johnson]

My hon. Friend makes an important point. Access to finance is key to a dynamic life sciences sector in the UK. In November, the Prime Minister announced a review of patient capital to identify barriers to access to long-term finance for growing firms, looking at all aspects of the financial system. We look forward to the review’s recommendations ahead of the autumn statement.