Commons Sense

House of Commons · Ministers' Questions

Innovative and Fast-growing Firms

Tuesday 7 July 2020 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 0 Not answered 0

Key points

  • The Government launched the future fund on 20 May to support high-growth companies affected by the pandemic.
  • The future fund provides between 125,000 and 5 million in Government funding through convertible loans.
  • The Prime Minister announced an acceleration of 96 million of investment to level up opportunities across the country.

Topics (select to filter)

Questions & Answers

Q1 Jane Stevenson Con Wolverhampton North East
Economy Science & Technology Business & Trade
Context

Unemployment in Jane Stevenson's constituency was three times the national average before the pandemic, impacting local businesses.

Question

What fiscal steps is the government taking to support innovative and fast-growing firms amidst the COVID-19 outbreak?

Answer from John Glen (Economic Secretary to the Treasury)

On 20 May, the Government launched the future fund. The fund is an investment scheme for high-growth companies impacted by the pandemic. It provides between £125,000 and £5 million in Government funding through convertible loans, with third-party investors at least matching the Government funding on each loan. As of 5 July, £379 million-worth of convertible loans had been approved through the future fund, and the Government have also made £750 million of support available for innovative firms through Innovate UK grants and loans.

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Q2 Jane Stevenson Con Wolverhampton North East
Economy Employment Business & Trade
Context

Unemployment in Jane Stevenson's constituency was three times the national average before the pandemic, impacting local businesses.

Question

As we emerge from the pandemic, can my hon. Friend reassure me that this will be the party that champions innovators, start-ups and SMEs, so that we can get job opportunities and more prosperity in seats such as Wolverhampton North East?

Answer from John Glen (Economic Secretary to the Treasury)

My hon. Friend makes a very good point and case for her constituency. As the Prime Minister set out last week, we will double down on levelling up and give everyone growing up in this country the opportunity that they need. The Prime Minister announced the acceleration of £96 million of investment from the towns fund, including nearly £13 million on kick-start activity in the west midlands.

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