Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of whether the Future Fund is (a) a form of state aid under the Treaty on the Functioning of the European Union and (b) subject to section 34 of the State Aid Temporary Framework, dated 19 March 2020.

The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

The scheme is not subject to State Aid rules as it is provided under the Market Economy Operator Principle and does not involve providing aid to eligible companies.