Lord Taylor of Warwick – 2016 Parliamentary Question to the Department for Business, Energy and Industrial Strategy

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-10-10.

To ask Her Majesty’s Government what steps they are taking to help London’s small technology companies and to protect technology talent.

Baroness Neville-Rolfe

We are committed to ensuring that Britain is the best place in Europe to innovate, patent new ideas and start a business, including small tech businesses. Innovate UK provides support to businesses across the UK with around 60% of its grant funding going to Small and Medium-sized Enterprises (SMEs) to help them to develop new ideas and recruit and retain tech talent. We are supporting more companies to do research and development through the UK’s R&D Tax Credits scheme. The total of R&D support claimed rose to £2.45bn in 2014-15, an increase of £675m (38%) on the previous year.

An example of a specific activity in London is Tech City UK (TCUK), funded by Government, who focus their efforts to accelerate the growth of digital businesses at all stages of their development across the UK. TCUK creates a positive culture in relation to digital technology and technological entrepreneurship, and fosters the right policy and business environment for start-up and high-growth entrepreneurial businesses. It does this by connecting entrepreneurs to other businesses and investors, whilst also providing a vital feedback loop to government to ensure that policy development is fit for purpose.