Science and Innovation Funding

The Chancellor has announced that the Government’s research and development spending plans go through to 2029-30 and that our R&D budget is rising from £13.9 billion in 2025-26 to £15.2 billion in 2029-30—a real-terms increase—and will total £58.5 billion over the spending review period. I am sure that that will benefit my hon. Friend’s York constituency.

York and North Yorkshire is a national leader in the bioeconomy. BioYorkshire will create 4,000 jobs, as well as start-ups and spin-outs. It requires £67 million to build its facilities over the next decade, but it will return £215 million back into the economy. When will the science plan recognise the economic and scientific impact of the research base? Can we have a meeting to talk about the brilliant BioYorkshire project?

My hon. Friend is right that it is a brilliant project, and it is precisely the kind of thing the UK excels at: we manage to get the private sector working with Government and local government to deliver not only jobs but real innovation. As the Secretary of State is not here today, I am sure I can offer my hon. Friend the opportunity of a meeting with him.

Over the past 10 years, many tech start-ups have left the UK and gone to silicon valley, which costs the UK a huge amount in jobs and tax revenue. What are the Government doing to ensure that start-ups currently at seed stage stay in the UK and grow here, so that we avoid the UK becoming an intellectual property farm for other countries to harvest?

One really important part of the industrial strategy we published on Monday and the sector plans within it is that we identified a problem many people in the UK face, which is that they have a really good idea but cannot take it to market because they do not have access to finance, in particular to capital, unless they are in London—and sometimes unless they are a man. We want to change all that, which is why we have said categorically that we are giving the British Business Bank much more significant power to be able to invest in these sectors. That will mean we are a powerhouse in precisely the way the hon. Member wants.