Oral Answers to Questions

Trudy Harrison Excerpts

Tuesday 5th March 2019 Commons Chamber

[Trudy Harrison (Copeland) (Con)]

3. What fiscal steps he is taking to establish the UK as a world leader in new technologies.

[Eddie Hughes (Walsall North) (Con)]

12. What fiscal steps he is taking to establish the UK as a world leader in new technologies.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

The Government are determined to ensure that the UK is at the forefront of the development of new technologies. Since 2016, I have committed £7 billion more—a 20% uplift —for research and development, thus demonstrating clear progress towards the Government’s ambition to raise investment in R&D to 2.4% of GDP by 2027. Among other things, those funds are supporting a £305 million national quantum technology programme and a £950 million artificial intelligence sector deal, and there is £250 million for connected and autonomous vehicles.

[Trudy Harrison]

Small modular reactors could bring a wealth of economic, environmental and social benefits. Will the Chancellor confirm that he supports their merits, and that there will be financial and policy support to ensure that they succeed?

[Mr Hammond]

The Government do indeed recognise the potential for the UK to become a leader in the development of the next generation of nuclear technologies, provided that there is demonstrable value for money for consumers and taxpayers. To that end, my right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy is considering an industrial strategy challenge fund proposal for small modular reactors and whether it would provide value for money.