Budget Resolutions and Economic Situation

The hon. Gentleman and I were fellow teachers in Leeds, so I have much sympathy with many of the points that he makes about Leeds. Will he take into account the fact that—as documented by the Royal Society in its response to the Government's proposed cuts in investment in science, and as I am sure the right hon. Member for Wokingham (Mr. Redwood), who is no longer in his place, would agree—from 1980 onwards, wherever there is an investment by the Government, particularly in research and development, there is a correlation between that and the spend that comes from the private sector? In other words, provided the Government's investment is targeted and strategic, the private sector matches it. Is there not a danger that if we start to cut that investment, expecting the private sector to take over and accelerate, exactly the opposite will occur, resulting in a double whammy?