UK Modern Industrial Strategy

Rebecca Smith Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

First, let me congratulate my hon. Friend on her recent honour. [Hon. Members: “Hear, hear!”] I know that she is not one for a fuss, but it is inspiring, and it is great to see that recognition.

My hon. Friend is right that access to finance is a pillar of the industrial strategy. For instance, in the spending review, the British Business Bank’s capacity was increased to up to £4 billion, and the maximum ticket it could write was increased to £60 million as part of that. We also had a huge increase in the capacity of UK Export Finance in the spending review—as my hon. Friend knows, the north-east is a huge exporting region and has the most positive balance of payments of any English region—and its direct lending capacity has increased as well.

We now have a story on finance from UKRI and Innovate UK for innovative start-ups, to the British Business Bank for scale up and maturity, going to the National Wealth Fund, and UK Export Finance supporting every part of that journey. That comprehensive offer is detailed in this strategy document, and it will benefit all parts of the UK, including of course the north-east of England.

[Rebecca Smith (South West Devon) (Con)]

I welcome the announcement of Plymouth’s defence cluster and the national centre for marine autonomy. I am proud that much of this work is being done in my constituency at Turnchapel Wharf and soon at Langage in the Plymouth and South Devon freeport, and that it includes Smart Sound, all of which were supported by the last Conservative Government. Indeed, this did not really need a special name as it was already happening. The Chancellor’s spending review speech initially included mention of £4 billion for autonomous systems split between three locations including Plymouth yet, when checked against delivery, this element was missing. Please can the Minister clarify what funding is available for these autonomous systems’ development in the strategy, in addition to the money announced for the submarine and continuous at sea deterrence programme at His Majesty’s naval base Devonport?

[Jonathan Reynolds]

Well, I think that was a positive response to the industrial strategy. It certainly sounded like there were some positive themes there. The hon. Member asks a reasonable, specific question about her constituency, and I will check that with officials and write to her so that she has the correct information. If she has had a chance to look at it, she will see that the strategy includes big commitments to the advanced manufacturing R&D budget for a whole range of sectors. We are putting in the money that perhaps was not as firm as it is now in the national finances, but we also have long-term plans in many of those sectors around quantum, advanced manufacturing and aerospace 10-year settlements, for example, to give the kind of assurance and consistency we really need, but I will get her the specific answer she needs.