(5 days ago)
Commons Chamber
Ian Sollom (St Neots and Mid Cambridgeshire) (LD)
Our world-leading universities and the research that they do are crucial to economic growth. On average, every £1 of public research and development investment generates £8 in economic benefits for the UK over the longer term. That is why this Government are investing £86 billion over the spending review period—the largest ever investment in R&D made by any Government—to support our best and brightest researchers, boost jobs and growth, and back the long-term success of the UK.
Ian Sollom
I thank the Secretary of State for her answer. The UK’s universities do indeed produce world-class research, but I would suggest that we are still missing too many opportunities in commercialisation. The Government’s proof of concept fund is really quite inadequate—from the figures, it is 30 times oversubscribed—and equity and intellectual property arrangements are laborious and deter both investors and entrepreneurs. Will the Secretary of State commit to expanding that proof of concept funding and reforming those barriers that hold back university spin-outs?
The hon. Gentleman is absolutely right to say that we do not lack in great ideas or great start-ups in this country. We need to support them better to scale up, and that is what the Government are doing across a range of sectors. The hon. Gentleman can look at the actions we are taking on UK pension schemes, to get them to invest more in UK companies, and in the Treasury and across the board. I am sure there is more we can do, but it is absolutely at the top of our agenda.
(11 months, 3 weeks ago)
Commons Chamber
Ian Sollom (St Neots and Mid Cambridgeshire) (LD)
St Neots in my constituency is the largest town in Cambridgeshire, and it does not have a jobcentre; residents have to travel up to Huntingdon each week for their benefits. In the absence of a jobcentre, social enterprise has taken place. Last week I attended the launch of the St Neots citizen hub, which aims to connect individuals with opportunities and employers with talent. It provides a safe space in the heart of the community to address the fundamental issues of skills gaps—including life skills—social isolation and financial insecurity, and it is a great example of the new model for jobcentres. Will the Secretary of State ensure that staff at the jobcentre in Huntingdon can come down for one day a week so that residents do not have to keep making the journey up to Huntingdon?
That is a really important point. We want to see more of our work coaches going to where people are, rather than always expecting them to come in. If all that help and support is being provided at the St Neots citizen hub, it sounds like exactly the sort of place where our work coaches should be based, and I will certainly bring that up with them.