On Tuesday 28th February Adam asked Chancellor of the Exchequer for an update on the work that they are doing to make Britain a better place for private sector firms to invest:
Adam Afriyie (Windsor, Conservative): I very much welcome this Government’s healthy commitment to scientific spending over several years, but it seems that our business investment in research is below the OECD average. May I urge the Chancellor to examine measures that will increase private company business expenditure on research?
David Gauke (Chief Secretary to the Treasury): As the Chancellor announced at the autumn statement, the Government are significantly increasing investment in research and development, rising to an extra £2 billion a year by 2020-21. We have also made the R&D tax credit regime much more generous. We want to ensure that the UK remains an attractive place for business to invest in innovative research.
The MP for the Windsor constituency, Adam Afriyie, said:
“Improvements in the efficacy and prevalence of technology is one of the driving forces of economic growth. It is essential that the Government provides the right environment in which firms are confident to invest in the techniques and technology of the future.
“The additional investment that this Government has committed to scientific research is most welcome. Even politicians rightfully suspicious of tax and spend policies should be eager to welcome these increases in funding. For example, in the space industry every one Pound in public money spent has a return of eight Pounds on average in the wider economy.
“Making the UK a destination for investment will require more than just extra funding and generous tax allowances. It will also require sagacious legislation written with great foresight to make our standards and regulations the gold standard. The Draft Spaceflight Bill, published by the Government earlier this month, is a prime example of this. It comes as no surprise to me that the Government plans on being able to build an operational spaceport before Heathrow claims it can get a functional runway!
“Steps such as these, show that this Conservative Government is looking to the future and is taking the tough decisions on where to prioritise investment in order to build stable foundation for the future.”
- Adam Afriyie is the Prime Minister’s Trade Envoy to Ghana.
- He has a strong background in science, technology and innovation.
- He is currently Chairman of the Fintech APPG, Parliamentary Office of Science and Technology (POST) and President of the Conservative Technology Forum (CTF).
- He was Shadow Minister for Science from 2007-2010 and has a background in the information services and technology sector.
- He is Patron of the Parliamentary Space Committee (PSC) and was Chair of the PSC between 2010 and 2015.