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Innovate UK: Finance

Question for Department for Business, Energy and Industrial Strategy

UIN 62894, tabled on 25 October 2021

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with the Chancellor of the Exchequer on increasing Innovate UK funding in the upcoming spending review.

Answered on

28 October 2021

At the Spending Review yesterday, the Government announced a record £39.8 billion for BEIS R&D for 2022/23 to 2024/25.

The Spending Review secures at least £2.5 billion over the SR for core Innovate UK programmes, a 60% rise in funding between 2021/22 and 2024/25, to ensure it can support business in bringing innovations to market and drive economic growth.

The money will boost private sector investment across the whole of the UK, creating the right conditions for all businesses to innovate and giving them the confidence to do so.

This spending review demonstrates the government’s commitment to delivering the Innovation Strategy, with UKRI playing a central role by unleashing business, investing in talent, strengthening our institutions, and developing cutting-edge technology.

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