To ask the Secretary of State for Business and Trade, what discussions she has had with (a) British Patient Capital and (b) The Secretary of State for Science, Innovation and Technology on the investment of British Patient Capital in the five critical technologies identified in the Science and Technology Framework.

There are regular discussions between relevant ministers, officials and British Patient Capital (BPC) on supporting research and development (R&D)-intensive companies, including those in the five technologies identified in the Science and Technology Framework. BPC’s Core programme disproportionately supports R&D-intensive companies. 11% of firms receiving BPC-backed investment are academic spinouts, compared to 2% of all equity-backed companies. 92% of companies surveyed for an external evaluation of BPC used the investment they received to fund R&D activities. BPC’s Future Fund: Breakthrough programme has directly invested £101m into fifteen companies. At Spring Budget 2023, it was announced that BPC would increase its focus on R&D-intensive industries.