Advanced Research and Invention Agency Bill — House of Commons, 2021-06-07
Topic: Technology
Richard Quentin Fuller (Conservative, Centre-right): It is a surprise to be called so early, but it is nevertheless welcome. I was not on the Public Bill Committee, which I know will have been a sadness for all its members, but for me it was of particular sadness because for the future of our country and most other countries, the way in which we nurture and promote innovation is crucial. Although this is a small Bill that generally has wide support across the House, it is rather important that we get it right. It is therefore important that today we debate some of the issues on which the Committee was not able to reach a full conclusion Innovation is crucial for our success, and I hope that the Minister and the Department will move on from the fact that we have innovation to look at ways in which we can promote the implementation of innovation, particularly through the removal of barriers and the promotion of competition, so that we can see the fruits of this investment in tangible economic and social success for our country Looking through the amendments, I would group them into three areas that it seems were not fully resolved in Committee: first, the extent of oversight; secondly, the issue of purpose or mission; and, thirdly, appointments. On oversight, although each of the proposed steps might be worthy, each of them is also an impediment. If there is one driving value that I hope we have for the Bill at this stage, it is to have the courage to enable this new and additional form of innovation investing to have the freedom to grow and do what it wishes to do If, at some point in the future, we find that the programme has gone off the rails somewhat and gone beyond what we know, it would perhaps then be useful for us to put more bureaucratic layers on top of it, but we certainly should not do so from the outset. If we do that from the outset, essentially we are killing the idea in its entirety. It is so easy for us here to say, "We really believe in this, but we would like this or that." It is quite natural, as protectors of taxpayers’ money—that used to be a role of this House, but sadly it is one that has been lacking for about 40 years—that we want to take that responsibility seriously and to be thorough, but with this Bill we have to accept that if we are going to take that step, we have to put trust in this group. I would be interested to hear what other Members, particularly the hon. Member for Blackley and Broughton (Graham Stringer) with his long experience, have to say about whether this is the right step. I will come back to that point later in respect of appointments On the issue of purpose, the Labour Front-Bench spokesperson, the hon. Member for Newcastle upon Tyne Central (Chi Onwurah)—I know she has a strong and real passion for science, and I have listened to her speak up for science over a number of years, so I know her intention is right—has tabled an amendment saying that the core mission should be about the climate change goals. The SNP spokesman, the hon. Member for Aberdeen South (Stephen Flynn), who opened the debate, similarly said that we should focus on the environment It is important to ask what impact it would have if we made the environment the focus. We currently have $30 trillion-worth of environmental, social and governance assets in the world. The Bill is proposing to add a flow of approximately $1 billion a year, or 1 in 30,000 of the assets that are already there. In terms of where moneys are flowing, this year’s flow of ESG in the private sector is about $130 billion to $140 billion. If we were to make the environment the core mission, we would essentially be tossing £800 million on top of an enormous pile of assets that is already there and an enormous additional inflow this year that is already happening. By its very nature, we would be doing the thing that we are not supposed to be asking ARIA to do, which essentially is to do what everybody else is doing. The whole purpose of ARIA is to do those things that other people are not doing. I feel that it is a mistake to say, "This is a really important mission—aren’t you terrible for not saying that we should focus on it?", rather than "There are other missions—there is a bigger mission out there that perhaps we as politicians do not have the insight to understand." That is the whole purpose of setting up ARIA, because with our bureaucratic fingers and our tiny political minds we just are not able to think of those things. It is worth our while considering that, so I absolutely agree with my hon. Friend the Member for South Basildon and East Thurrock (Stephen Metcalfe) that it should not have a mission. The whole purpose of ARIA is to do those things that other people are not doing. I feel that it is a mistake to say, "This is a really important mission—aren’t you terrible for not saying that we should focus on it?", rather than "There are other missions—there is a bigger mission out there that perhaps we as politicians do not have the insight to understand." That is the whole purpose of setting up ARIA, because with our bureaucratic fingers and our tiny political minds we just are not able to think of those things. It is worth our while considering that, so I absolutely agree with my hon. Friend the Member for South Basildon and East Thurrock (Stephen Metcalfe) that it should not have a mission.