I was delighted to attend the Institute of Physics’ annual Innovation Awards in Parliament and to hear about the vital work being done by businesses and researchers from up and down the country.
The UK’s innovative businesses, in physics and beyond, are solving major challenges in areas from healthcare to defence to manufacturing and will be a major driver of the UK’s future economic success.
It’s great to see a Fareham business designing, innovating and leading in its field and it highlights the remarkable talent there is in local businesses in Fareham and across the Solent area. I was very pleased to be able to congratulate Aqua Cooling Solutions on their success.
The firm also received praise from the Government during Parliamentary Questions with the Chancellor. During the session I asked:
“Kevin Lancaster and Simon Davis started their business, Aqua Cooling, from scratch in Fareham in 2000, and it now generates £1.7 million in profit and is a leading industrial cooling firm.The Institute of Physics awarded Aqua Cooling its business innovation award for its innovative application of physics to generate jobs and profit. Will the Chancellor join me in congratulating Aqua Cooling and outline what the Government are doing to support research and development, so that other self-starters like Kevin and Simon can grow their businesses?”
Treasury Minister, Jane Ellison, replied:
"I think that all Treasury Ministers would be delighted to congratulate Aqua Cooling on the innovation award it has won […] the Government have committed to supporting research and development in British businesses, providing one of the most prestigious R and D tax credit schemes in the world to UK small business. I am delighted to say that it was claimed by more than 18,000 small and medium sized enterprises in 2014-15”.