Economic Update

Angela Richardson Excerpts

Monday 11th January 2021 Commons Chamber

[Rishi Sunak]

The testing capacity that we have in this country has considerably increased from where it was. The House will remember that at the start of this crisis it was 10,000, and now we are doing several hundred thousand a day, so that is a substantial increase, and testing can play a part in reducing the spread of transmission. Obviously, given the new strain of the virus, we have had to put in place new restrictions, which is disappointing, but I still believe that test and trace can play a role in suppressing the spread of the virus, especially as we come out of this crisis. The hon. Lady is right to hold me and others accountable for every pound of taxpayers’ money that we spend and I am sure will continue to do so.

[Angela Richardson (Guildford) (Con) [V]]

I have exciting, innovative companies of tomorrow located in Guildford, and they will be crucial to our economic recovery. Will my right hon. Friend ensure that these companies remain at the centre of his future plans?

[Rishi Sunak]

My hon. Friend is right: our innovative companies are a great strength of the UK economy compared with others and they will help drive our recovery. That is why we put in place the future fund, which was an unprecedented intervention to help 1,000 of our fastest-growing start-up companies with match funding. Innovate UK also made available £500 million of additional grants and loans through its innovation schemes, and most recently, we have committed extra funding for our start-up loans scheme next year. Taken together, it is a significant vote of confidence in those innovative companies, and I look forward to hearing from her other ways that we can support them to help drive our recovery.