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Science and Technology: Investment

HM Treasury written question – answered at on 29 November 2016.

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Photo of Suella Fernandes Suella Fernandes Conservative, Fareham

To ask Mr Chancellor of the Exchequer, what fiscal steps he is taking to encourage investment in innovative UK science and technology projects.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

  • As my RHF the Prime Minister announced last Monday, the government is significantly increasing investment in R&D, rising to an extra £2 billion a year by 2020-21.

  • This includes an Industrial Strategy Challenge Fund, which will support collaborations between businesses and the UK’s world-leading science base.

  • This will ensure the UK remains an attractive place for businesses to invest in innovative research, and that the next generation of discoveries is made, developed and produced in Britain.

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  • (Citation: HC Deb, 29 November 2016, cW)