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.
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.