Question

To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential benefits of changing Innovate UK funding from grants to loans.

Innovation is a driver of productivity and the UK ranks among the best in the world in various indices. The Government is focussed on creating the best conditions for innovative businesses to flourish and is taking steps to ensure a range of finance options is available.

We are exploring the range of financial instruments available in a number of countries and will be conducting market research in the UK to better understand the needs of innovative businesses.