Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that innovative UK companies can access the scale-up capital from (a) pension funds and (b) other sources of funding that they need to grow in the UK.
Building on the success of our £20 billion Patient Capital action plan (announced at Autumn Budget 2017), the Government and regulators have brought forward measures to help ensure the UK’s regulatory environment enables Defined Contribution pension schemes to invest as appropriate in innovative, growing companies. Key actions include:
In addition, the British Business Bank works to unlock long-term patient finance. Since the Government’s response to the 2017 Patient Capital Review, the British Business Bank (BBB) has launched the £2.5bn British Patient Capital (BPC) Programme and the £500mn Managed Funds programme to boost the amount of institutional capital, including from pensions funds, into UK's venture and growth capital markets and channel these funds towards innovative, high-growth businesses and scale-ups.