Question to the Cabinet Office:

To ask the Prime Minister, with reference to his oral contribution of 22 June 2022, Official Report, col 840, that there is record venture capital investment in this country, which has now overtaken China as a venue for venture capital investment, what (a) data and (b) sources he is citing.

I refer the Hon. Member to the Official Report, 6 July 2022, col. 11MC.

The source was the Dealroom Tech Health Check which is available at https://dealroom.co/blog/uk-tech-health-check-london-tech-week-2022.

This Government has been creating the right tax environment to promote investment and innovation. That is why we introduced the 130% super-deduction for capital investment and increased the Annual Investment Allowance from £200,000 to £1 million. We also have specific tax reliefs aimed at encouraging Venture Capital and early-stage investment, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.