§ Michael FabricantTo ask the Secretary of State for Trade and Industry what the Government's policy is on nanotechnology; and if she will make a statement. [159740]
§ Ms HewittThe global market for nanotechnology is forecast to exceed ․1,000 billion within the next decade and it is vital that the UK is a strong player in this market. My noble Friend the Minister for Science announced our investment of £90 million in our Micro and Nanotechnology Manufacturing Initiative in July 2003 to help industry harness the commercial opportunities offered by nanotechnology. £50 million will be spent on collaborative R&D projects and £40 million on a new network of micro and nanotechnology facilities. This will help business build or the UK's excellent track record in small-scale science and win a share of this developing market. This activity will build on the substantial and wide ranging investment we are already making through the Research Councils. We expect to invest a further £100 million in our science base for nanotechnology based research over the next few years.
In addition in December 2003 I launched the "Innovation Report: Competing in the global economy: the innovation challenge, December 2003". This report describes a range of new DTI products to support technological innovation which are already being applied to support UK interests in nanotechnology.
It is the policy of this Government to be open about our approach to new technologies, to acknowledge uncertainties and to ensure that the public are engaged in the decision making process. To address any potential concerns the Government commissioned the Royal Society and the Royal Academy of Engineering to carry out an independent study to make sure we are able to benefit from the advances that nanotechnology promises with the right regulatory safeguards and protections in place. The study will also be used to inform policy on what safeguards might be required over and above existing legislation and guidance.