Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, with reference to the UK Science and Technology Framework, last updated on 9 February 2024, what assessment her Department has made of its progress against the goal of working with industry and philanthropic partners to increase inward investment by Summer Recess 2023.

DSIT has made significant strides towards enhancing collaboration with industry and philanthropic partners to bolster investment.

Last year’s successful Global Investment Summit attracted more than £29 billion, including landmark investments in AI, life sciences and quantum. We will continue to build on our collaborative approach to increase philanthropic and private investment, including working with DBT and the Office for Investment, to further our investment ambitions.

We announced £25 million for UK Biobank conditional on philanthropic match-funding within a consortium. So far, we have secured £16 million from philanthropists Eric Schmidt and Ken Griffin, and work is underway to secure further donations.