To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support private sector funded research and development during the covid-19 pandemic.
9 June 2020
In April we announced a £1.25 billion package to help ensure innovative firms in some of the most dynamic sectors of the UK economy – ranging from tech to life sciences – are protected through the COVID-19 crisis so they can continue to develop innovative new products and help power UK growth.
The Government is supporting businesses to continue research and development through this crisis. We recently announced £750 million of investment, delivered through Innovate UK, in new measures?to support innovation in the country’s most research-intensive businesses both during and after the coronavirus pandemic, and to support new ways of dealing with global disruption.?Details on this package are available online?at:?https://www.gov.uk/government/publications/access-coronovirus-business-innovation-support-package.
This package builds on the government’s existing support for innovative, high-growth firms including the £2.5 billion British Patient Capital fund, the upcoming £200 million Life Sciences Investment Programme, internationally competitive R&D tax reliefs and our major commitments to increase public R&D spending to £22 billion by 2024-25.