UK Modern Industrial Strategy

Tom Collins Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

I recognise that there are some regulatory issues that my hon. Friend was probably asking about, particularly in relation to the lead that the Department for Environment, Food and Rural Affairs would have on extended producer responsibility and some other aspects. I am always keen to work with colleagues across Government, and I will ensure that my hon. Friend gets the answers to his questions that he needs, but he is right to say that there are many opportunities for businesses—big and small—and for his constituents in this plan.

[Tom Collins (Worcester) (Lab)]

As an engineer, I am incredibly excited by the vision of engineering, industrial and innovation renewal that the Secretary of State is describing. In Worcester, we have a mission to make ourselves the best city in the best country in the world to start and grow a business. Time and again, though, the funds and research facilities intended to support innovation have not worked for our local businesses, and there has been a lack of support for mid-technology readiness level technologies. How will this strategy help businesses across the country to bridge the valley of death and grow in this decade of renewal?

[Jonathan Reynolds]

I thank my hon. Friend for his question, which I greatly appreciate. Worcester plays a wonderful role in our economy, and it is great to hear about that level of local ambition from him and other local leaders. There are specific funds to support innovation: £500 million has been allocated for innovation, which will be split among areas up and down the country. The access to finance provisions will also apply to his constituency, whether that is the British Business Bank having more firepower and more ability to support the kind of items that he has in his constituency, the beefed-up capacity for UK export finance, or the National Wealth Fund working hand in hand with the private sector. The brilliance that my hon. Friend has in Worcester is exactly the kind of platform that stands to benefit greatly from the measures in the industrial strategy.