British Patient Capital

Department for Business and Trade written question – answered on 24 March 2023.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (Science, Research and Innovation)

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.

Photo of Kevin Hollinrake Kevin Hollinrake Parliamentary Under Secretary of State (Department for Business and Trade)

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.

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