36
Accepted
On this basis, we share the concerns of the Public Accounts Committee (PAC), which called...
Conclusion
On this basis, we share the concerns of the Public Accounts Committee (PAC), which called into question the extent to which the Industrial Strategy Challenge Fund (ISCF) supports research-orientated small businesses. Given the scale of the funding attached to the ISCF, the fund should represent a realistic source of alternative funding for small businesses seeking to innovate. However, if the ISCF funding becomes ever more concentrated in certain parts of England, and the flow of support trends towards larger businesses, the ISCF will not be regarded as a viable alternative to traditional sources of growth finance.
Government Response Summary
The government recognises the Committee's concerns regarding the Industrial Strategy Challenge Fund and states it has agreed a robust action plan to address these, in line with recommendations from various bodies and the levelling up agenda.
Paragraph Reference
149
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
61. The Government recognises the concerns raised by the Committee regarding the Industrial Strategy Challenge Fund (ISCF) and have agreed a robust action plan that will address the recommendations made by the Committee, the Public Accounts Committee, and National Audit Office. 62. As outlined in The Queen’s Speech 2021, levelling up opportunities across all parts of the UK is a key Government agenda. This is supported by UKRI through its mission to build a research and innovation (R&D) system in the UK, to which everyone can contribute
Source
Committee
Business and Trade Committee
Report
First Report - Post-pandemic economic growth: Industrial policy in the UK
28 Jun 2021
HC 385
Addressee Bodies
Department for Business and Trade
Timeline
Recommendation age
5.1 yrs
Report published
28 Jun 2021