37
Accepted
We are concerned that the ISCF as a source of public finance should not reinforce...
Conclusion
We are concerned that the ISCF as a source of public finance should not reinforce the trends seen in access to private finance, in particular venture capital. In addition, we are concerned that difficult approval processes and the challenge of providing finance to satisfy the collaborative approach disincentivise small, innovative businesses from engaging with the ISCF.
Government Response Summary
The government recognizes the Committee's concerns regarding the Industrial Strategy Challenge Fund (ISCF) and has agreed a robust action plan to address these, aligning with its broader levelling up agenda.
Paragraph Reference
150
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