Sir Nicholas Soames – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Sir Nicholas Soames on 2016-04-08.

To ask Mr Chancellor of the Exchequer, what steps he is taking to promote research and development in the UK.

Greg Hands

At the Spending Review 2015 we protected the current £4.7 billion science resource funding in real terms for the rest of the Parliament and re-affirmed our long term science capital commitment of £6.9 billion between 2015-2021.

The government also continues to support business research and development investment through R&D tax credits. In 2013-14, R&D tax credits provided £1.75bn of relief to over 18,000 companies, supporting around £14.3bn of innovative investment.