John McDonnell MP delivered a major speech on Britain's economic and scientific future at the Imperial College Incubator.

The Shadow Chancellor used the occasion to praise Imperial’s role as a world-leader in science and innovation. He introduced his speech by saying: “What an inspiring place this is to speak about the future of the economy… at Imperial College’s Incubator, where start-ups and entrepreneurs are working alongside the leading minds in science.” 

Imperial’s Incubator has supported more than 60 spinout companies over the past decade, generating £750 million of new investment. This reflects Imperial's strategy to ensure all of the College's campuses are 'dynamic centres of collaboration and innovation'.

Mr McDonnell said: “We need to base our future on rapidly developing new technologies. If this building doesn’t tell us that, nothing will. It’s what many are calling ‘the new machine age’. Miss this boat, and we’ll struggle to keep up in a competitive global market place.” 

He said that the Labour Party “will work with business, entrepreneurs, scientists and universities to shape the economy of the future… It is science, technology and innovation that is shaping our new world – that’s what Imperial College London is showing us.” 

Mr McDonnell noted that “Britain spends less on research as a share of GDP on research and development than France, Germany, the US and China, all of whom are increasing their commitment to science and technology.” He pledged to significantly increase investment in science, technology, engineering and medicine.

White City excitement

Mr McDonnell was welcomed to the College by Professor David Gann, Vice President (Development & Innovation). Professor Gann explained how the Incubator “is a wonderful example of Imperial academics taking ideas and putting them into practice for the benefit of society”. 

 He noted that the Incubator has attracted hundreds of millions of pounds in investment over recent years, creating thousands of high value jobs. Professor Gann said that “We are building a version of this Incubator at a greater scale at our White City Campus, creating more value in a local community in need of regeneration.” 

Mr McDonnell said, “As a West London MP, I am really excited about what you are doing at White City – it is a tremendous initiative.” 

The visit took place just weeks after Mr McDonnell's opposite number, Chancellor of the Exchequer George Osborne, also delivered a major economic speech at Imperial.