Angela Rayner – 2015 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Angela Rayner on 2015-12-07.

To ask the Secretary of State for Business, Innovation and Skills, with reference to paragraph 1.57 of the Spending Review and Autumn Statement 2015, what assessment his Department has made of the potential effect on research and development by industry of converting innovation grants into interest-paying loans.

Joseph Johnson

Access to finance remains an important challenge for innovative enterprises. We want to broaden the type of financial support available for innovation. Other European countries like France, Finland and The Netherlands offer financial products in their policy mix for business innovation. We are seeking to learn from these approaches. In doing this, we will engage with businesses to better understand their needs and support access to sufficient financing throughout the lifecycle of innovative projects.