Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to paragraph 3.19 of Autumn Budget 2024, HC 295, whether the funding for growth-driving sectors will be allocated to the Department for Business and Trade.

This government is committed to delivering a modern Industrial Strategy. The Budget took a first step towards supporting our growth driving sectors, by providing funding in 2025-26 for life sciences manufacturing, allocated to the Department for Science, Innovation and Technology, and to automotive and aerospace manufacturing, allocated to the Department for Business and Trade.

The Budget also confirmed long-term funding for these sectors - £975m for aerospace, over £2bn for automotive, and up to £520m for life sciences supporting the development of new technology, further details of this funding will be set out through the Spending Review and publication of the full Industrial Strategy in Spring 2025.