Science Funding

Treasury written question – answered on 30th March 2006.

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Photo of Helen Goodman Helen Goodman Labour, Bishop Auckland

To ask the Chancellor of the Exchequer what assessment he has made of the impact on the economy of Government funding for science; and if he will make a statement.

Photo of John Healey John Healey The Financial Secretary to the Treasury

The social rates of return to R&D vary. For the UK they are estimated at over 80 per cent. for manufacturing and 30 per cent. for public R&D in pharmaceuticals. Just under 200 new university spin-off firms were set up in 2002–03 compared to 70 a year on average from 1994–99. Over the past two years, 20 university spin out companies have floated on the stock market with a combined market value of over £1 billion.

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