Oral Answers to Questions

Tim Loughton Excerpts

Wednesday 15th March 2023 Commons Chamber

[Robert Courts (Witney) (Con)]

4. What steps her Department is taking to support the research and development sector.

[Tim Loughton (East Worthing and Shoreham) (Con)]

9. What steps her Department is taking to support the research and development sector.

[The Secretary of State for Science, Innovation and Technology (Michelle Donelan)]

Backed by our commitment to increasing public expenditure on research and development to £20 billion by 2024-25, we have launched our plan to cement the UK’s place as a science and technology superpower by 2030, fostering the right conditions for industry, innovation and world-leading research.

--- Later in debate ---

[Michelle Donelan]

My hon. Friend is absolutely right that the futures of so many companies, and thousands of UK jobs, were at stake. My Department worked tirelessly with the Treasury to facilitate a solution. In doing so, we have protected our life sciences and tech sectors, which not only drive economic growth across the country but deliver life-saving products.

[Tim Loughton]

Research and development is particularly resource intensive and in need of raising capital, so what are the Government doing to help tech and life science companies raise money on the London markets, which has been few and far between recently?

[Michelle Donelan]

We are committed to making the UK the most attractive place for innovation and businesses to start and grow. The Treasury has made significant reforms to improve London as a listing destination, and we continue to engage with sectors to secure the most innovative companies in the UK stock exchange.