Business Innovation

Part of Treasury – in the House of Commons at on 11 October 2022.

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Photo of Richard Fuller Richard Fuller The Economic Secretary to the Treasury

The Government are encouraging business innovation in many ways, of which I will enumerate four. As I mentioned to my hon. Friend George Freeman, there is a significant uplift in R&D expenditure, with £150 million of innovation loans over the spending period, research and development tax relief, long-term investment in technology and science—a competition is providing up to £500 million in Government support—and the British Business Bank is supporting innovative businesses, including through the future fund.