Oral Answers to Questions

Debate between Jesse Norman and Felicity Buchan

Tuesday 1st December 2020 Commons Chamber

[The Financial Secretary to the Treasury (Jesse Norman)]

As my hon. Friend the Member for Kensington (Felicity Buchan) will be aware, the Government have taken unprecedented steps to support the self-employed during this crisis, and that includes through the self-employment income support scheme, which has been extended up to April, with details of the third grant published last week.

[Felicity Buchan]

Many self-employed people are at the forefront of innovation and start-ups. Can my right hon. Friend tell me what the Treasury is doing to support innovation as we look to rebuild our economy?

[Jesse Norman]

My hon. Friend is absolutely right about the importance of innovation. She will be delighted to know that the Government are protecting innovators and start-ups from the impact of covid through almost £900 million of future fund loans to date, £79 million for innovation loans as well as other grants, and that comes on top of more than £5 billion of support through research and development tax credits claimed for 2018-19 so far, which support more than £35 billion of R&D expenditure.