The Government are committed to making the UK a world-leading science superpower, and are increasing Government spending on R&D to £22 billion by 2024-25. We have announced seven successful projects from all four nations of the UK, which will receive £400 million of funding through our strength in places fund. Our ambitious R&D roadmap commits us to publishing a place strategy in the autumn that goes even further.
Thank you, Mr Speaker, for all the work you have done to keep people like me engaged in the parliamentary process.
The Minister has a business background, so does she not realise that if she could persuade the Chancellor of the Exchequer to follow Mrs Thatcher’s example and introduce a windfall profit tax on people who have made a lot of money—the gambling industry and companies such as Amazon—that could be ploughed into research and development? Universities will go through a tough time in the coming months and years, so let us put real resources into research and development as never before.
I add my thanks to your team, Mr Speaker.
The hon. Gentleman will be aware that we have a taskforce that has been looking into how to support universities. It has enabled us to set up a stability fund, which will enable R&D to continue in our institutions. In addition, in the roadmap, which contains the place strategy, we are talking about lots of levelling up. We are making sure we have the opportunity to take this forward and become the science superpower that we all want to be.