Oral question asked in the House of Commons, by Barry Sheerman (Labour). It was answered on Thursday, 15 June 2006 on behalf of the Treasury.

Science and Innovation

Question: Will my right hon. Friend remember when he listens to Twickenham Man that Twickenham does not have a university? Huddersfield does have a university. I was with Huddersfield, Bradford and York universities only last Friday. They are enthusiastic about the innovation, the science, the technology and the investment that has been going on over the past nine years. Will my right hon. Friend remember that I was told, ““You don’t look at a university campus to find an entrepreneur.”” We need new ways to bring more entrepreneurial spirit and activity on to university campuses.

Answer: I am grateful to my hon. Friend, who chairs the Education and Skills Select Committee. He will be aware of the fact that I set out initially in the main answer to the question. It is that 200 companies are spun off from universities every year. That is three times what was achieved under the Conservative Government before us. There are 20 companies now listed on the stock exchange—this is in the past two years—that have a combined capital of £1 billion. The idea that Britain is not moving forward, as has been suggested by the shadow Chancellor, in high technology and science-based industries is completely wrong. We are making considerable advances and we shall continue to do so, but it depends on us making the commitment to both education and science, which we have done but which other parties seem unprepared to do.

Secondary information