Commons Sense

House of Commons · Ministers' Questions

Research and Development: Private Investment

Wednesday 10 January 2024 · 5 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Government have a track record of mobilising private investment in research and innovation, with public spending reaching 20 billion a year next financial year.
  • Mansion House reforms will unlock an estimated 50 billion of investment to scale up high-growth companies across the UK.
  • Response to question on Wales: Disappointment expressed over Labour Government's decision not to spend allocated regional innovation funds.

Topics (select to filter)

Questions & Answers

Q1 James Davies Con
Science & Technology
Context

The MP inquired about recent discussions on trends of private investment in R&D over the last year.

Question

What recent discussions have taken place with Cabinet colleagues regarding trends in private investment for research and development during the past 12 months?

Answer from Andrew Griffith

This Government have a fantastic track record of mobilising private investment in research and innovation, alongside delivering the largest ever public spending, which will reach £20 billion a year next financial year. In November, the global investment summit saw commitments to invest almost £30 billion in the UK.

Partly answered

Not addressed: Specific details about recent discussions with Cabinet colleagues are not provided

How: Fantastic Track Record

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Q2 Julie Marson
Business & Trade
Context

The MP inquired about the likely impact of Mansion House reforms on trends in private investment.

Question

Does the Minister have an assessment of the likely impact of the Mansion House reforms on trends and track record of private investment, especially for Hertford and Stortford?

Answer from Andrew Griffith

The Mansion House reforms will unlock an estimated £50 billion of investment to scale up high-growth companies across the UK. The Government also launched a £250 million initiative for long-term investment in tech and science, focusing on British pensioners investing in long-term growth opportunities.

Partly answered

Not addressed: The specific impact of Mansion House reforms is not assessed directly

How: Unlocking £50 Billion, £250 Million Initiative

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Q3 James Davies Con
Economy Wales
Context

The MP noted that despite allocating £3.4 million of the regional innovation fund to Wales, there is no evidence of it being spent for its intended purpose.

Question

Disappointingly, there's no evidence of allocated funds from the regional innovation fund having been used in Wales as intended. What assistance can be provided to encourage investment in the Welsh economy?

Answer from Andrew Griffith

Disappointing that Labour Government in Wales hasn't seen fit to spend these funds. Ultimately, it's a decision for them and voters will hold them accountable.

Not addressed: Did not provide any assistance or measures

How: Labour Government, Voters Holding Them Accountable

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Q4 Daniel Zeichner Lab Cambridge
Science & Technology
Context

The MP noted a significant drop in international student applications and asked about offsetting the loss of research resources.

Question

What are the Minister and his colleagues doing to mitigate the decline in research sector resources due to falling international student applications?

Answer from Andrew Griffith

Shame that the hon. Member is so keen to talk down UK at every opportunity. This Government are mobilising more public funding for R&D than ever before and private investment on top, £2 for every £1 put in by government.

Not addressed: Did not provide specific actions being taken to offset resource loss

How: Talk Down The Uk, Shame

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Q5 Jim Shannon DUP Strangford
Northern Ireland Science & Technology
Context

The MP expressed interest in understanding support provided to the Northern Ireland workforce for training and growth.

Question

What is Northern Ireland getting to help its workforce grow, train its people, and integrate into the UK's R&D efforts?

Answer from Andrew Griffith

Visited Northern Ireland aware of innovative and highly skilled workforce. As Minister for Science and Research, keen to ensure NI punches above its weight. Delighted to meet businesses, entrepreneurs, innovators there.

Not addressed: Did not provide specific initiatives or support measures

How: Punches Above Its Weight, Delighted To Visit

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