Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, what recent assessment he has made of the adequacy of funding to support the growth of innovative UK businesses.

Supporting innovative businesses is a key objective of the government’s growth mission. My department regularly engages with business organisations to understand the needs of their members, and significant support is available through Innovate UK. Over the last six months, Innovate UK has launched £276m of competitions, and annually it supports over 10,000 businesses on their innovation journey. This is in addition to significant work underway to increase the availability of growth capital, which includes increasing the National Wealth Fund’s capitalisation to £27.8bn, reforms to the British Business Bank, and new pension reforms aimed at unlocking £80 billion of investment.