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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent steps his Department has taken to ensure that increased research and development spending attracts private investment.

BEIS received its largest ever Research and Development (R&D) budget at SR21. We have now set out how this funding will be allocated across our partner organisations.

Public sector funding already leverages private sector investment. For example, British Patient Capital, the commercial investment arm of the British Business Bank, has invested over £700 million into venture capital funds (as of June 2022), which has leveraged more than £1.4 billion of private sector investment into UK companies.

However, we want to attract more private sector investment in R&D to continue driving growth. That is why the Innovation Strategy set out the steps Government is taking to create the right conditions for all businesses to invest in innovation.