The Science and Technology Committee report on the Science Budget was published today.
A key conclusion is that innovation grants – rather than loans – should continue to be used as a key policy tool.
This has been a hot topic in Cambridge with many small to mid-sized high tech companies warning that a significant loan on their books would make them technically insolvent and stop products getting to market.
Daniel Zeichner MP said: "I hope the Treasury listens and backs off trying to scrap innovation grants. Science funding can't be used as a short-term fix to get them out of a political hole of their making.
Mr Zeichner also supported the call to increase public and private sector research and development to 3%.
He said: "If Cambridge and Britain want to be scientific superpowers, then supporting science must be an absolute priority for the Government in this Parliament and beyond.”
He also warned that future success was not a given highlighting Universities UK comments that: "We should not, however, allow the UK’s current and historic strength lead to continued underinvestment and a dangerous complacency that assumes we can maintain our research capacity whilst significantly underinvesting in it."