Rolls Royce: Finance

(asked on 29th October 2020) - View Source

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

To ask Her Majesty's Government what is the total funding they have given to Rolls-Royce this year for their operations in the UK; what is the purpose of any such funding; and what additional funding they have offered.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 12th November 2020

The Government’s financial support for Rolls-Royce is provided via various routes, including support for their exports and research and development (R&D) in areas such as civil aerospace, civil nuclear, and defence. This year, the Government’s support has included funding through the Bank of England’s Covid Corporate Financing Facility and a partial guarantee by UK Export Finance of a 5-year, £2 billion commercial term-loan facility.

One of the Government’s key funding streams is through Innovate UK, part of UK Research and Innovation. For the 2019/2020 competition year of the Aerospace Technology Institute programme, Rolls-Royce have had grant offers totalling £63,374,303 to support total project costs of £143,203,408. This money will be paid out across the life of the projects.

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