Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps she is taking to encourage (a) innovation and (b) entrepreneurship among SMEs.

Small businesses and entrepreneurs are vital to high streets and communities, and essential to the success of the Government’s growth mission.

At the Budget, the Government announced we would be continuing funding for key business support programmes in 2025-26: Growth Hubs in England, and the Help to Grow: Management programme. We also announced we are extending Made Smarter Innovation with up to £37m funding. Funding for the Made Smarter Adoption programme will double to £16 million in 2025-26, supporting more small manufacturing businesses to adopt advanced digital technologies and enabling the programme to be expanded to all nine English regions.

Prior to the Budget, the Government also extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035. The schemes are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth.