Technology: New Businesses
The question
To ask the Secretary of State for Science, Innovation and Technology, what steps she is taking to support tech start-up companies to scale up in the Midlands.
Answered by Kanishka Narayan
This Government is committed to removing barriers to growth for scaleups across the UK - ensuring the UK is one of the best places for tech to start, scale and stay.
We are strengthening regional tech ecosystems through the Regional Tech Booster, a programme supporting startups and accelerating tech clusters beyond London. Furthermore, £50 million funding has been earmarked to the West Midlands through the Local Innovation Partnerships Fund – our £500 million programme to grow regional innovation strengths. Regions across the UK, including the other Midlands regions, were able to bid for up to £20 million through the fund’s competition. UKRI are now independently assessing the quality of these bids.
More broadly, we are supporting the sector through venture capital schemes, R&D tax reliefs, targeted visa routes, the AI Opportunities Action Plan and streamlining regulation to support innovation. Through the Budget, we are investing in skills, compute, and designated AI Growth Zones; on R&D, we are committing £38.6bn to UKRI over five years; and powering entrepreneurship with the Entrepreneurship Prospectus, Enterprise Fellowships, and Innovate UK’s £130m Growth Catalyst. We are unlocking finance via pension and capital‑markets reforms, while the British Business Bank increases annual investment to £2.5bn and commits £5bn to growth‑stage funds.
Together, these measures set out a comprehensive, long‑term plan backed by record funding, to support growth across the whole UK.
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