The Government’S Productivity Plan

Part of the debate – in the House of Commons at 2:57 pm on 28th February 2017.

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Photo of Michelle Thomson Michelle Thomson Independent, Edinburgh West 2:57 pm, 28th February 2017

I absolutely agree with my hon. Friend. Part of the problem could be solved by devolving those powers to Scotland so that we can protect our own higher education sector.

We have also heard this month from the chief executive of Innovate Finance, Lawrence Wintermeyer, who told the BBC that

“Brexit has had a chilling impact on investment.”

Investment is vital to industrial strategy and productivity. Wintermeyer backed up his statement with figures that show venture capital investment in FinTech firms, which is vital for my city of Edinburgh, has dropped in the UK from £970 million in 2015 to £632 million in 2016. In objective 12 of the productivity plan, the Government used Innovate Finance’s investment figures as a measure of success.

Finally, the productivity plan wanted to

“help deliver a Europe that is more dynamic and outward accelerating the integration of the single market, completing trade agreements, and improving the quality of regulation.”