Research: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 2nd August 2016.

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Photo of Daniel Zeichner Daniel Zeichner Shadow Minister (Transport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the suitability of proposed new innovation finance products for life sciences research and development and other high-risk innovation sectors.

Photo of Jo Johnson Jo Johnson Minister of State (Department for Education) (Universities and Science) (Joint with the Department for Business, Energy and Industrial Strategy), Minister of State (Department for Business, Energy and Industrial Strategy) (Universities and Science) (Joint with the Department for Education)

We are looking to provide a range of innovation finance products to meet the needs of businesses, which will include loans, grants, and other types of innovation finance. Some of our competitor economies (like France, Finland, and the Netherlands) use a variety of financial instruments to support innovative businesses. We have engaged with their innovation agencies to learn from these established approaches to support, drive and encourage innovation in the UK. We are conducting market research to engage with, and fully understand the needs of, innovative businesses of all sizes and across many UK industry sectors with a high level of innovation, including life sciences. As part of the first phase of implementation the Government will announce the details of a pilot and accompanying evaluation in late 2016. The pilot will test specific financial products ahead of progressing to full roll-out.

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