Economy: Impact of UK Withdrawal from EU

Part of Treasury – in the House of Commons at on 7 February 2023.

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Photo of Jeremy Hunt Jeremy Hunt The Chancellor of the Exchequer

My hon. Friend is a formidable advocate for that sector and I do want to give him that reassurance. That is why we protected our R&D budget in the autumn statement at its highest ever level. We are continuing to look at how we can support the R&D small companies sector without allowing that fraud to happen. Thanks to his campaigning and the work of this Conservative Government, last year, we became only the third trillion-dollar tech economy in the whole world.