Commons Sense

House of Commons · Ministers' Questions

Science and Technology Sector: Inward Investment

Thursday 25 January 2024 · 3 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 3 Not answered 0

Key points

  • The Department for Business and Trade is responsible for the UK's No 1 tech ecosystem in Europe, raising more venture capital than France and Germany combined.
  • The Office for Investment offers a concierge service and has secured 4.5 billion through the advanced manufacturing plan.
  • The UK's hydrogen strategy ensures capturing investment, de-risking testing, and commercialising intellectual property in the sector.

Topics (select to filter)

Questions & Answers

Q1 George Freeman Con Mid Norfolk
Science & Technology Business & Trade
Context

The question arises from the need to increase inward investment in UK's science and technology sector, highlighting its importance for economic growth.

Question

What steps is she taking with the Secretary of State for Science, Innovation and Technology to help increase inward investment into the science and technology sector?

Answer from Nusrat Ghani

The Department for Business and Trade is under her stewardship, and the UK has the No. 1 tech ecosystem in Europe, raising more venture capital than France and Germany combined. The Office for Investment reaches out to companies around the world, bringing in over £5 billion of investment as announced at the global investment summit.

Partly answered

Not addressed: The specific steps being taken with the Secretary of State were not detailed

How: Stated General Achievements Without Detailing Steps

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Q2 George Freeman Con Mid Norfolk
Science & Technology Business & Trade
Context

Following initial recognition of the UK's success, there is a need to understand plans for continued attraction of large-scale investments.

Question

What plans does the Department have to make it easier for global investors to deploy money at scale in UK clusters?

Answer from Nusrat Ghani

The Office for Investment offers a concierge service, and £4.5 billion was secured through the advanced manufacturing plan. The research and development budget is around £39.8 billion between 2022-25.

Partly answered

Not addressed: No specific plans mentioned to make it easier for global investors to deploy money at scale in UK clusters

How: Stated General Achievements Without Detailing Plans

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Q3 Barry Sheerman Lab
Science & Technology Energy
Context

Concerns about the need for attention to hydrogen sector opportunities in science and innovation before competitors dominate.

Question

Will the Secretary of State and her team pay much more attention to the science and innovation possibilities in the hydrogen sector?

Answer from Nusrat Ghani

The UK's hydrogen strategy ensures capturing investment, de-risking testing, and commercialising intellectual property here in the UK. Hydrogen is seen in the mix in our future energy spectrum.

Partly answered

Not addressed: No specific attention or plans for hydrogen sector mentioned beyond general statements

How: Stated A Strategy Without Detailing Specific Actions

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