14. What steps he is taking to encourage innovation by defence suppliers. (900306)
With an equipment plan worth £178 billion and a rising defence budget, there are great opportunities for innovative suppliers. The £800 million innovation fund will provide the Ministry of Defence with the freedom to pursue innovative solutions in an open, competitive process.
Will the Minister ensure that there is greater risk appetite in which projects are selected for funding to ensure that our armed forces have the best technology available to them?
My hon. Friend is absolutely right to highlight this issue. It is one of the things that we weight when we consider awards through the innovation fund to ensure that the projects with the highest risks but the biggest potential pay-off are the ones that are invested in.