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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what Innovate UK's budget (a) was in each of the last five financial years and (b) will be in each of the next four financial years.

Innovate UK’s core budget (Admin, Programme and Capital) from the Department for Business, Energy and Industrial Strategy over the last five financial years was:

2011/12 - £370m

2012/13 - £439m

2013/14 - £451m

2014/15 - £426m

2015/16 - £547m

Its budget for 2016/17 is £586m. At the 2015 Autumn Statement the Government committed to protecting, in cash terms, total spending on business led innovation through Innovate UK for the duration of the Parliament. In 2016 an additional £100m was committed for the Biomedical Catalyst and a further £2bn for R&D by the end of the Parliament. Innovate UK’s annual budget is confirmed at the beginning of each Financial Year.