Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to paragraph 4.114 of the Spring Budget 2023, HC1183, published on 15 March 2023, how much (a) new and (b) total funding has been allocated for British Patient Capital each financial year for the next five years.

British Patient Capital (BPC) was created in 2018 following the Patient Capital Review, and allocated £2.5 billion to invest over the ten years to 2028/29. In July 2021, it was allocated a further £375m to deliver the Future Fund: Breakthrough programme and £200m to deliver the Life Sciences Investment Programme (LSIP). As at 31 March 2022, total value of all commitments and co-investments reached £1.6bn across 61 fund commitments, four co-investments from BPC’s Core programme, and five Future Fund: Breakthrough deals. At Spring Budget 2023, BPC’s mandate was extended until 2033/34.