Oral Answers to Questions
Debate between Lord Johnson of Marylebone and Kit Malthouse(7 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Joseph Johnson
The hon. Lady makes an important point. As the Prime Minister made clear in her speech the week before last, we greatly value the contribution that EU nationals make in our institutions. The Government have been exceptionally clear that during the negotiations we want to protect the status of EU nationals already living here. The only circumstances in which that would not be possible are if British citizens’ rights in other EU member states were not protected in return.
Kit Malthouse (North West Hampshire) (Con)
The Minister for Universities, Science, Research and Innovation (Joseph Johnson)
We invest £2 billion a year in health life sciences research through our research councils and the National Institute for Health Research. Through funding for the biomedical catalyst, we are helping businesses to bring that research to market. We announced in the new industrial strategy that Sir John Bell will be leading work on a strategy to make the UK the best place in the world to invest in life sciences.
Kit Malthouse
Alongside that welcome support, private investment will be critical to the success of the industry. Will the Minister outline what suggestions he might make in his Budget submission to the Chancellor to stimulate such investment?
Joseph Johnson
My hon. Friend makes an important point. Access to finance is key to a dynamic life sciences sector in the UK. In November, the Prime Minister announced a review of patient capital to identify barriers to access to long-term finance for growing firms, looking at all aspects of the financial system. We look forward to the review’s recommendations ahead of the autumn statement.
Oral Answers to Questions
Debate between Lord Johnson of Marylebone and Kit Malthouse(8 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Joseph Johnson
Since 2010, the UK has risen from 14th to second place in the global innovation index, behind only Switzerland. We continue to support innovation in this country through Innovate UK and our expanding Catapult network.
Kit Malthouse (North West Hampshire) (Con)
The most promising sector in the British economy at the moment is life sciences, yet historically start-ups in this sector have had difficulty attracting venture capital. Will the Minister update us on progress he is making on getting this vital resource into this vital sector?
UK Science Budget
Debate between Lord Johnson of Marylebone and Kit Malthouse(8 years, 6 months ago)
Westminster HallRead Full debate Read Hansard Text
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Joseph Johnson
We have set out a road map taking us all the way to 2021, and it provides considerable certainty on capital. Of course, a spending review is coming up 25 November, so it would be rash of me to embark on commitments here and now.
Joseph Johnson
I would not want to do that for obvious reasons. I do not agree with the generally pessimistic tone of my hon. Friend the Member for Oxford West and Abingdon, because investment in science is increasing. The Government play their part, but we should not forget the important part played by the business community in R and D, nor the part that R and D tax credits play in enabling business to make that supporting investment.
I told the Select Committee the other day that the value of our R and D tax credits has now increased to £1.8 billion a year, enabling more than 11,000 businesses to do innovative research. That is significantly up on the previous year, when the figure was only about £1.4 billion. The taxpayer is making a substantial contribution to enabling R and D in this country; business R and D expenditure is also up. In 2013, UK businesses spent a total of £18.4 billion on R and D, an increase of 8% in cash terms on 2012, so it is wrong to focus only on the Government’s share, which we protected in the last Parliament and for which we have outlined a trajectory to 2021 on the capital side. There will be a real-terms increase in capital spend. We are putting in place an ecosystem to make it possible for business and others to continue their investment.