Treasury – in the House of Commons at on 11 October 2022.
George Freeman
Conservative, Mid Norfolk
What fiscal steps he is taking to support research and development.
Richard Fuller
The Economic Secretary to the Treasury
At the 2021 spending review, the Government announced an increase in public expenditure on R&D to £20 billion a year by 2024-25, including funding for association to EU programmes.
George Freeman
Conservative, Mid Norfolk
I thank the Chancellor and his team for making the Treasury a growth Department. Do they agree that innovation-led growth is particularly important if we want to drive up productivity, competitiveness and inward investment, and that our high-growth sectors such as space, agritech and fusion have a big role to play? Will the Economic Secretary specifically reassure those in the R&D community that he will not be tempted to reduce the allocation for Horizon or for science and research in the comprehensive spending review? That would reassure the markets.
Richard Fuller
The Economic Secretary to the Treasury
Very few Members can look back on a track record of commitment to R&D as significant as that of my hon. Friend, both as a Minister and as a Back Bencher. I am happy to confirm to him that we will abide by the spending review 2021 decisions, and that that includes funding for core Innovate UK programmes, for association to Horizon Europe and for the Advanced Research and Invention Agency.
Valerie Vaz
Labour, Walsall South
The Minister needs to be much more specific about the Horizon Europe programme. Is he aware that the Nobel laureate Sir Andre Geim has said that top academics are leaving the country in despair because the Government are not negotiating on Horizon Europe? When will the Government do something—now?
Richard Fuller
The Economic Secretary to the Treasury
The right hon. Lady is right about the importance of this issue. The United Kingdom absolutely wishes to move forward, and we would hope that the European Union would move forward apace with us to reach an agreement.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
A Backbencher is a Member who holds no official position in government or in his or her party. Back benchers sit on the back benches in the Chamber.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
