UK Science Budget
Debate between Stuart Andrew and Baroness Blackwood of North Oxford(9 years, 1 month ago)
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Stuart Andrew
My hon. Friend raises an incredibly important and valid point, which emphasises the points I am making about Government investment in this important area.
An investment in research is an investment in our economy. The UK life sciences industry generates an estimated annual turnover of £56 billion and employs 183,000 people across the UK. Investment encourages innovation, attracts business to the UK and leads to treatments and technologies that allow us all to lead healthier, more productive lives.
Nicola Blackwood (Oxford West and Abingdon) (Con)
I congratulate my hon. Friend on securing the debate. He is making an excellent case for science. He will know that the Science and Technology Committee is conducting an inquiry into the science budget. Many witnesses have expressed concern that total investment in research and development in the UK is historically low and falling. Does my hon. Friend agree with them that there is a case for a road map to increase R and D, even though the situation cannot be reversed immediately? That would not only ensure that we retained our competitiveness internationally, but send an important signal to investors that we are a good place to invest in.
Stuart Andrew
The Chair of the Select Committee is absolutely right. We want to maintain our position as world leaders in this area, and it is important that we do that.
The Government have recognised the link between R and D spending and national productivity, and they have even highlighted science and innovation as a key driver in their plan to make the UK a more productive nation. The spending review therefore gives the Government a real opportunity to invest the resource needed to deliver on that promise, creating a more prosperous nation.