Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to encourage private investment in laboratories involved in research and science.

Government has put in place incentives to encourage private investment in capital facilities (which includes investment in research facilities) and to encourage business investment in research and development.

The Government is providing £900m through the UK Research Partnership Investment Fund (UKRPIF) to secure and accelerate private co-investment into university research infrastructure. It provides funding for large long-term capital projects, which must demonstrate at least double external private co-investment and build on a strong record of research excellence. So far £500m from the Fund has levered over £1.4bn additional investment into over 30 strategic research collaborations between universities and businesses and charities.

Annual UK Government support for innovation includes £800m through the Department for Business, Innovation and Skills, predominantly through Innovate UK and around £1.75bn through fiscal support measures. The Government’s investment in innovation is attracting increasing investment from private sources. In 2014, UK Business Enterprise Research and Development expenditure, increased by 6% to its highest level on record (£19.9 billion), surpassing 2013’s high by £0.9 billion. In the same year, total business employment in R&D in the UK increased by 7% to 192,000 (Full Time Equivalents).