Science and innovation are key to creating the industries, companies, jobs and clusters of prosperity in the high growth sectors of tomorrow.

I was delighted to see the Chancellor confirm today that government is increasing funding for research and development to record levels, putting UK R&D investment on the path to reaching 2.4% of GDP by 2027.

But being a science and innovation powerhouse also means building on our existing expertise in areas like life sciences, space and green technologies – attracting more R&D investment from around the world, growing and financing more world class companies in the UK, and harnessing regulation, procurement and skills to develop clusters of innovation around all parts of the country.