HANSARDCommons27 Jan 20269 contributions

Research and Development Bonds

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Chris Coghlan (Dorking and Horley) (LD)
Liberal DemocratDorking and Horley
1. If she will make an assessment of the potential merits of issuing research and development bonds of up to £20 billion.
The Economic Secretary to the Treasury (Lucy Rigby)
LabourNorthampton North
Innovation is a key driver of long-term economic growth, higher productivity and improved living standards. That is why this Government are investing more in R&D and why we are committed to maintaining the generosity of R&D tax reliefs. We remain open to new and innovative debt instruments and we review options regularly, but clearly new instruments need to meet a range of criteria, including value for money.
Chris Coghlan
Liberal DemocratDorking and Horley
In the 1940s, refugees fled the Nazis and built the atomic bomb; they pioneered a method of public research and development that has powered US economic dominance ever since. The EU Security Action for Europe defence bond fund offers us a similarly transformative opportunity: £20 billion invested in defence R&D could expand our economy by £100 billion. Will we join our Canadian and European allies, end our economic stagnation, and together defend the—
Mr Speaker
SpeakerChorley
Order. I can see that you want to round up your question, but this is more of a statement. You are telling the history, which is important, but I hope there is a question coming now, as there are a lot of other Members to get in.
Chris Coghlan
Liberal DemocratDorking and Horley
Will we invest in EU SAFE defence bond fund?
Lucy Rigby
LabourNorthampton North
I am grateful to the hon. Member for his question. Indeed, he and I have discussed this issue previously. We are due to meet to discuss it later this month, and I am very much looking forward to that discussion.
Bill Esterson (Sefton Central) (Lab)
LabourSefton Central
Mersey Care NHS foundation trust has plans for a world-leading mental health research and development facility at Maghull health park in my constituency. Will the Minister meet me to discuss how the Treasury might support investing in such an important research and development project, not least as it is fundamental to the Government’s plans for improving healthcare?
Lucy Rigby
LabourNorthampton North
My hon. Friend raises an important point. This Government are investing an extra £29 billion in our national health service. I would be happy to meet him to discuss it further.