Science and Technology: Investment
The question
To ask the Secretary of State for Science, Innovation and Technology, what steps his Department is taking to help encourage investment into science and technology companies that are based outside of (a) Oxford, (b) Cambridge and (c) London.
Answered by Feryal Clark
Increasing investment into science and technology firms across the UK will be critical to delivering growth.
In 2023-24, UKRI invested £4,614 million outside the Greater Southeast; over half its total investment. Specific programme supporting regional innovation include; £80 million for twelve Innovate UK Launchpads, £130 million for Innovation Accelerators in three pilot city-regions, and £316 million for twelve Strength in Places Fund programmes.
These are complemented by the British Business Bank’s programmes, including £660 million in northern England through its Nations and Regions Investment Funds.
As part of the Spending Review process, DSIT is working with regions across the UK to develop a new approach to growing high-potential clusters in all regions of the UK.
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