PARLIAMENTARY DEBATE
Research and Development Bonds - 27 January 2026 (Commons/Commons Chamber)

Innovation is a key driver of long-term economic growth, higher productivity and improved living standards. That is why this Government are investing more in R&D and why we are committed to maintaining the generosity of R&D tax reliefs. We remain open to new and innovative debt instruments and we review options regularly, but clearly new instruments need to meet a range of criteria, including value for money.

In the 1940s, refugees fled the Nazis and built the atomic bomb; they pioneered a method of public research and development that has powered US economic dominance ever since. The EU Security Action for Europe defence bond fund offers us a similarly transformative opportunity: £20 billion invested in defence R&D could expand our economy by £100 billion. Will we join our Canadian and European allies, end our economic stagnation, and together defend the—

Order. I can see that you want to round up your question, but this is more of a statement. You are telling the history, which is important, but I hope there is a question coming now, as there are a lot of other Members to get in.

Will we invest in EU SAFE defence bond fund?

I am grateful to the hon. Member for his question. Indeed, he and I have discussed this issue previously. We are due to meet to discuss it later this month, and I am very much looking forward to that discussion.

Mersey Care NHS foundation trust has plans for a world-leading mental health research and development facility at Maghull health park in my constituency. Will the Minister meet me to discuss how the Treasury might support investing in such an important research and development project, not least as it is fundamental to the Government’s plans for improving healthcare?

My hon. Friend raises an important point. This Government are investing an extra £29 billion in our national health service. I would be happy to meet him to discuss it further.