Innovative and Fast-growing Firms 2020-07-07
2020-07-07
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
▸
Context
Unemployment in Jane Stevenson's constituency was three times the national average before the pandemic, impacting local businesses.
What fiscal steps is the government taking to support innovative and fast-growing firms amidst the COVID-19 outbreak?
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.
▸
Assessment & feedback
Response accuracy
Q2
Direct Answer
▸
Context
Unemployment in Jane Stevenson's constituency was three times the national average before the pandemic, impacting local businesses.
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?
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.
▸
Assessment & feedback
Response accuracy