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Finance (No. 2) Bill

In the north-east of England, we used to say that coal was king, but its crown is becoming tarnished. New energy technologies can be king in future, and they can provide the basis for exports. Specifically, there should be investment in geothermal technology, which I will not dwell on because I am sure that hon. Members have other things to consider. Geothermal technology can enable huge savings in energy provision both at the micro level, which involves individual factories and even individual houses, and at a macro level, where power stations can be based on geothermal technology. Geothermal technology is not a new technology, but it is a developing technology, and we have got to do more on it. Fuel cell technology has many applications from providing general electricity for general purposes to providing electricity specifically to power cars. There needs to be increased investment in the development of fuel technologies—I am not saying that measures have not been taken, but I am encouraging the Government to do more. The regional development agency in the north-east of England is already working on some of those projects, but it needs to be given a little bit more support to enable it to do more. Clause 28 could be used to provide such assistance, and £20 million for the enterprise capital fund, which addresses environmental issues, is a step, albeit a small step, in the right direction. The venture capital proposals in clause 91 and schedule 10 also address those issues. Innovation does not happen without invention, and invention does not happen without education. The programme in the Budget to increase the number of science teachers by 3,000 and the relevant provision in the Bill are welcome, as is the funding of after-school science clubs. I hope that the after-school science clubs scheme will involve fun as well as learning, which will make it more successful, although I am sure that that will be the case given the enterprise displayed by our educational people. As a nation, we need to concentrate on our economic strengths and make the necessary investments to enable us to meet our objectives in the future. The same is true for our region in the north-east, where we must concentrate on our strengths, of which clean coal technology is one. We must give organisations such as the RDAs and the universities more resources and support for the enterprising developments on which they are focusing, because we need to make sure that our system allows innovation to take place wherever new technology emerges. This Finance Bill should get wide support from the House. It further extends the background against which our economic strength is based, and by using that economic strength we can meet our welfare and investment objectives. In the context of what I have said, I believe that the Bill can help the development and application of science, which is crucial to the future of our economic prosperity. We have invested through the Budget, and the Bill makes the necessary provisions for that to take place. We should ensure that we continue to invest in the years ahead.