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I’m pleased to welcome the facilitators for this workshop Mr Martin Garratt, Cambridge Cleantech and Mr Karthik Durgaprasad, Basildon Borough Council and colleagues from Basildon Borough Council, UK as well as incubation managers from leading Indian incubation centres present here.

As part of the Strategic Defence and Security Review 2015 (SDSR15), the Government committed to develop a refreshed defence industrial policy. This will make clear that competition remains our preferred approach, delivering value for money and incentivising an innovative and productive industrial base. It will outline the further action we will take to help the UK’s defence and security industries, in particular Small and Medium Sized Enterprises (SMEs), to grow and compete successfully. The development of this policy is an important contribution to the new National Security Objective to promote our prosperity and is closely linked with other work in the MOD to promote innovation, exports and skills.

NIC study on Cambridge-Milton Keynes-Oxford corridor – The government welcomes the NIC’s interim report into the Cambridge-Milton Keynes-Oxford growth corridor, accepts the recommendation for an Oxford-Cambridge expressway,14 and will provide £27 million in development funding. The government will also bring forward £100 million to accelerate construction of the East-West Rail line western section and allocate £10 million in development funding for the central rail section. The government welcomes the NIC’s work looking at a range of delivery models for housing and transport in the corridor, including development corporations, and will carefully consider its final recommendations. Following a successful public call for ideas, the government has also asked the NIC to undertake a new study on how emerging technologies can improve infrastructure productivity.

Last week at the Foreign Affairs Council (Defence), the Defence Secretary called on European partners to do more and increase their defence spending to the NATO 2% commitment, meaning they are better positioned to tackle the new and emerging threats to European security.

New fiscal targets are needed to provide the flexibility to support the economy and create space for more investment in roads, rail, research, and housing.