I congratulate Paul Blomfield on securing the debate; we have worked together on a number of university and immigration issues. He made slightly disparaging comments about some Government Members’ views on immigration, but I suspect that he was not including me among them. We have worked together in particular on the importance of being an outward-looking nation and attracting the brightest and best people. That applies not only to our universities, but to many other areas that are important to research in the corporate world.

The Government correctly aspire to make the UK the best place in the world to run an innovative business or service. Instinctively, we know that to achieve that requires a strong financial sector, a plentiful supply of highly skilled people from across the globe—ideally, of course, with significant numbers of the indigenous population being trained—and progress in creating intellectual property and a thriving science and research community. All those ingredients can be found in London, the part of the country that I represent in the House. The capital’s universities have put themselves at the heart of innovation and of the drive to bring finance and business together to commercialise that innovation.

My constituency is home to three of the capital’s—indeed, the world’s—top universities: Imperial College, King’s College London and the London School of Economics. Their relentless rise in the university league tables coincides with our city’s seemingly unstoppable growth as a premier destination for global talent, capital and ideas. Just as the metropolis has married financiers with start-ups to create a booming tech sector, our universities have become adept at collaborating with the city’s business, philanthropic, government and research communities, and that is beginning to reap huge dividends. I am not suggesting that we should in any way be complacent; I take on board the statistical concerns expressed by the hon. Member for Sheffield Central, who made valid points.

Graham Stringer pointed out that there is a golden triangle, which is sadly some way south of the Pennines. The London-Oxford-Cambridge golden triangle has more science and tech workers and faster industry growth than California. In 2007, Imperial College integrated its medical faculty with St Mary’s and Hammersmith hospitals. Only eight years on, Imperial College Healthcare NHS Trust is a globally respected centre for medical research, with patients benefiting from cutting-edge care and academics able to trial state-of-the-art treatments on London’s uniquely diverse population.

Imperial is similarly collaborating with Aviva Investors on a new White City campus, Imperial West, to support science start-ups and ensure that the UK benefits commercially from breakthroughs made in its university labs. A problem going back to Victorian times is that we have cutting-edge research, but do not glean the commercial benefits once the research makes its way into general products. We clearly have to get that right. I am not suggesting that there are easy solutions, as this problem goes back 120 years. The Minister might have some bright ideas, but I would not blame him if he felt that this is a work in progress.

The plan for Imperial is that the university will soon be virtually independent of public funding. One of the spin-outs based on the campus, DNA Electronics, is already transforming academic discoveries into serious commercial propositions, offering affordable chip devices that can test for genetic diseases and drug intolerances within minutes.

Amid healthy rivalry between London’s top institutions, there are significant partnerships that we should applaud and relish. Imperial, King’s College and University College London, for example, have joined forces with the Government and others to build the groundbreaking Francis Crick Institute for biomedical research in King’s Cross. Once open, it will complement the arrival of Central Saint Martins in nearby Granary Square.