My hon. Friend is absolutely right. In fact, every £1 of public expenditure on R&D typically leverages around £1.40 of additional private sector investment, so it is a powerful tool. If the Government can turbocharge and accelerate investment in R&D, the private sector will follow.
To answer my hon. and gallant Friend the Member for Beckenham (Bob Stewart), I very much hope the defence budget will also increase in time. There have been significant advances in defence technology, and the Ministry of Defence has led the way in helping small and medium-sized enterprises and incubators to develop products for the defence sector. I hope that increases in the future, as it has been a good model in America and other NATO allies for ensuring their armed forces have access to the latest technology. I hope our armed forces do that, too.
Returning to the Queen’s Speech, not only is there an increase in public investment in R&D but there is a commitment to fusion energy, which holds the possibility of driving forward our energy market and our energy capabilities in the years ahead. As I mentioned, First Light Fusion in Oxfordshire is doing exciting and interesting work, and I hope it succeeds.
The Queen’s Speech also establishes a new space council and launches a comprehensive space strategy. Our space capabilities are increasingly central to our day-to-day lives, whether civilian or military. These important capabilities underpin a range of technologies, from smartphones to navigational devices, so this new national space council and space strategy will help us to lead the way in creating high-value, high-skilled, high-wage jobs across the country. My Havant constituency is already leading the way in this area, with firms such as Lockheed Martin doing excellent work.
This Queen’s Speech will help our world-leading science and technology base to grow even further. Science and technology will be the foundation of our prosperity after Brexit, and it will help us to tackle some of the big challenges facing society, such as ending the UK’s contribution to climate change, managing the adoption and adaptation of “fourth industrial revolution” technologies, transforming our transport systems and tackling the challenges associated with an ageing population.
The grand challenges and the Government’s industrial strategy, to which I had the privilege of contributing in a small way when I was at the Department for Business, Energy and Industrial Strategy, are already helping the country to secure our position in the world, but this Queen’s Speech takes us even further and faster, which is why I will be pleased to support it in the Lobby next week.
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