Innovation Economy: Skills Debate
Full Debate: Read Full DebateDepartment: Department for International Trade
Lord Flight
Main Page: Lord Flight (Conservative - Life peer)Department Debates - View all Lord Flight's debates with the Department for International Trade
(4 years, 2 months ago)
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Lord Flight (Con)
My Lords, is the Minister aware that about 70% of people graduating from Russell group universities now end up working for SMEs and similar smaller companies? That is totally different from the position 20 years ago and is one reason for the strength of our economy.
Baroness Berridge
Yes, SMEs are a huge part of our economy. Along with the FE sector, the biggest single contribution the Government make to research and development for businesses is what is called the R&D tax credit. In the latest figures that I have, £4.3 billion was paid to businesses for that tax credit for their R&D spend, but £2.3 billion of that was to small and medium-sized enterprises, so this is not just about big business and universities, it is about the FE sector, local skills needs, and small and medium-sized enterprises.