Science and Technology: West Midlands

Department for Business, Energy and Industrial Strategy written question – answered on 11th April 2019.

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Photo of Preet Kaur Gill Preet Kaur Gill Shadow Minister (International Development)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to ensure that there is adequate early stage patient capital funding of emerging science and technologies in Birmingham and the West Midlands.

Photo of Chris Skidmore Chris Skidmore Vice-Chair, Conservative Party, Minister of State (Department for Business, Energy and Industrial Strategy) (Universities and Science) (Joint with the Department for Education)

As part of our Industrial Strategy, we are unlocking over £20bn of patient equity investment through a 10-year Action Plan. British Patient Capital, part of the Government-owned British Business Bank, has available resources of £2.5bn with which it aims to attract a further £5bn of private sector finance. British Patient Capital will help to support innovative UK SMEs with high growth potential to access the long-term finance they need. This patient investment is available to support emerging science and technologies across the UK, including in Birmingham and the West Midlands.

At Budget 2018, £1.6 billion of funding was allocated to boost transformative technologies such as quantum computing and back UK scientists and businesses to be at the frontier of innovation.

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