Source · Select Committees · Science, Innovation and Technology Committee
Recommendation 21
21
Not Addressed
The Government should establish a series of regional branches of the British Business Bank, with...
Recommendation
The Government should establish a series of regional branches of the British Business Bank, with a substantial presence on the ground in undercapitalised regions, to ensure that the Bank’s policies are aligned with the needs of innovative businesses across the UK. (Recommendation,Paragraph 74)
Government Response Summary
The government states it 'partially agrees' but then discusses local growth plans, university-industry collaboration, and skills strategies, explicitly stating it will 'not commit to a Regional Graduate Retention Strategy' which was not the recommendation. The response does not address the recommendation to establish regional branches of the British Business Bank.
Government Response
Not Addressed
HM Government
Not Addressed
The government partially agrees with the recommendation and recognises the central role that university–industry collaboration plays in driving local growth and innovation. However, the combination of the below authorities, plans and statutory guidance means we do not commit to a Regional Graduate Retention Strategy at this time. We already support and encourage collaboration between Mayoral Strategic Authorities (MSAs), local authorities, and higher and further education institutions – through policies such as Local Growth Plans – in recognition of both the role that universities play in local communities and economic growth, and the importance of providing local employmentopportunities for skilled graduates. Local Growth Plans, developed by MSAs, are driving this government’s growth mission across our regions. These are 10-year strategic frameworks that support MSAs to convene local partners, including universities, and provide a framework for places to create opportunities for skilled graduates and retain talent, providing a boost for local economies and addressing many of the issues highlighted in this recommendation. In addition, Local Skills Improvement Plans (LSIPs) provide a robust, evidence based assessment of current and future skills needs in a local area, enabling further and higher education providers to align their curriculum with local labour market demand, and giving students and graduates a clear line of sight to strong employment pathways and helping them access high quality job opportunities close to where they studied. The new strengthened role of Strategic Authorities in LSIPs will further enhance the LSIPs by linking them to place based economic planning, ensuring that local skills priorities sit within support wider growth strategies, including investment zones, innovation clusters and regeneration plans. Our updated statutory guidance encourages designated Employer Representative Bodies and Strategic Authorities to work proactively with local higher education institutions to ensure that technical, professional and advanced skills needs are fully reflected in curriculum planning, and promotes deeper collaboration between employers and universities, improving the visibility of local career opportunities. Chapter 6: Diffusion and absorption