Science: Finance

Department for Business, Innovation and Skills written question – answered on 19th November 2015.

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Photo of Seema Malhotra Seema Malhotra Shadow Chief Secretary to the Treasury

To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the effect of increasing spending on the science capital commitment on UK productivity.

Photo of Jo Johnson Jo Johnson Minister of State (Universities and Science)

This Government recognises the value of science and innovation as a driver of economic success. We protected the science ring-fence over the last Parliament and are investing £6.9 billion in science capital from this year to 2021. There is clear and robust evidence of a link between R&D investment and national productivity, including in OECD Economic Working Paper 843 (2011): http://www.oecd-ilibrary.org/docserver/download/5kghwnhxwkhj.pdf?expires=1447868224&id=id&accname=guest&checksum=FD50F59A6AFEEC34AE58B844317965CE

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