Supply Chain Resilience
1/34. What discussions she has had with Cabinet colleagues on providing additional funding for the ReImagining Supply Chains Network Plus programme.
I congratulate the hon. Gentleman on his fantastic event in Parliament last week on this subject. I am delighted that Queen’s University Belfast is benefiting from £5 million in funding from the programme, which is part of a £13 million wider package from this Government to support making UK supply chains more resilient. The Government are investing a record £86 billion over the spending review period, which is the largest ever investment in research and development, and Ministers regularly discuss a range of issues with Cabinet colleagues to ensure that those programmes align with wider Government priorities on economic resilience and innovation.
The Minister mentioned our investment event held last week, where I and the right hon. Member for Belfast East (Gavin Robinson) hosted Antrim and Newtownabbey borough council for its first Westminster economic investment showcase. How do the Government expect that UK Research and Innovation-funded supply chain research will align with city deal investments, such as the Advanced Manufacturing Innovation Centre—AMIC—in my constituency?
I think the hon. Gentleman acknowledges in his question the amount of funding that is going into the area that he represents and the wider Northern Ireland communities. UKRI plays a key role in strengthening supply chains, supporting regional innovation hubs and aligning research with local economic development goals. This Government’s funding rounds highlight partnership opportunities, including with the Advanced Manufacturing Innovation Centre that he has mentioned, where projects can complement those facilities, boosting regional innovation and productivity. That builds on initiatives such as the local innovation partnership funding, which empowers local leaders to target research and development investment and unleash the full potential of innovation in his and the wider Northern Ireland region.
I call the Chair of the Science, Innovation and Technology Committee.
This afternoon, UKRI will publish its detailed funding allocations for programmes such as ReImagining Supply Chains. Does the Minister agree with the Office for Budget Responsibility that the bursting of the AI bubble presents a significant downside risk to the UK economy? What steps are his Department and UKRI taking to protect their investment in innovative companies that would undoubtedly be affected by an AI market correction?
I thank the Chair of the Select Committee for her question. Of course, technological advancement in AI is going to change the way that the Government work, and the way that all of us work, but the key thing about the publication of UK Research and Innovation’s document this afternoon is that it is implementing a record £86 billion-worth of investment over the spending review period—the largest ever investment in research and development. We have to trust UKRI and this Government to put that money into the places that will benefit the country most, and that means more jobs in more communities all over the country.