Question

To ask the Secretary of State for Business, Innovation and Skills, what plans the Government has to support the development of (a) university spin-out businesses in the field of science and (b) small businesses in the field of science.

Our productivity plan Fixing the Foundations identified the importance of collaboration between universities and industry and set a goal to increase the income they earn from working with business and others to £5 billion per annum by 2025.

The Dowling Review, to which we will respond around the time of the Spending Review, stressed the need to make it easier for business to find help and support from universities and Government.

R&D Tax Credits remain the largest source of Government support for business investment in R&D and make an important contribution to innovation in SMEs.