Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect of Innovate UK on (a) investment, (b) job creation and (c) the economy.

Since 2007, Innovate UK has invested over £1.8 billion in innovation, with match funding from businesses nearly doubling this. The economic return from this investment is estimated to be up to £7.30 gross value added for every £1 invested. The increase in jobs is estimated at around 55,000 – or 7 jobs for every organisation supported.

In addition to core investment by the Department for Business, Energy and Industrial Strategy, other government departments have policy objectives requiring technology-led innovation – from reducing transport emissions to improving agricultural productivity. Many of these programmes are run in partnership with Innovate UK.