Oral Answers to Questions

Chris Coghlan Excerpts

Tuesday 27th January 2026 Commons Chamber

The Chancellor of the Exchequer was asked—

[Chris Coghlan (Dorking and Horley) (LD)]

1. If she will make an assessment of the potential merits of issuing research and development bonds of up to £20 billion.

[The Economic Secretary to the Treasury (Lucy Rigby)]

Innovation is a key driver of long-term economic growth, higher productivity and improved living standards. That is why this Government are investing more in R&D and why we are committed to maintaining the generosity of R&D tax reliefs. We remain open to new and innovative debt instruments and we review options regularly, but clearly new instruments need to meet a range of criteria, including value for money.

[Chris Coghlan]

In the 1940s, refugees fled the Nazis and built the atomic bomb; they pioneered a method of public research and development that has powered US economic dominance ever since. The EU Security Action for Europe defence bond fund offers us a similarly transformative opportunity: £20 billion invested in defence R&D could expand our economy by £100 billion. Will we join our Canadian and European allies, end our economic stagnation, and together defend the—

[Mr Speaker]

Order. I can see that you want to round up your question, but this is more of a statement. You are telling the history, which is important, but I hope there is a question coming now, as there are a lot of other Members to get in.

[Chris Coghlan]

Will we invest in EU SAFE defence bond fund?