To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential effect on UK productivity of the planned introduction of research and development grants.
22 February 2016
Innovation is a key driver of productivity and the UK ranks among the best in the world in various indices. The Government is focussed on creating the best conditions for innovative businesses to flourish and will be protecting, in cash terms, total spending on business led innovation through Innovate UK.
We are exploring the range of finance products, including loans, available in a number of other countries. We will also be conducting market research to engage with, and further understand the needs of, innovative businesses in the UK.
The Government also intends to commence pilots to test specific finance products before progressing to full roll out.