Select committee: Business, Innovation, Science and Trade Committee
Conclusion 37
First Report - Post-pandemic economic growth: Industrial policy in the UK
Published 28 Jun 2021
Paragraph 150
Addressed to Department for Business and Trade
Business, Innovation, Science and Trade Committee Post-pandemic economic growth: Industrial Strategy All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
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.
From: Business, Innovation, Science and Trade Committee, First Report - Post-pandemic economic growth: Industrial policy in the UK (HC 385), paragraph 150, 28 June 2021
Government response
The government responded to the whole report on 24 September 2021 (deadline 28 August 2021).
Summary written by Accountability Index from the government's response. It is not the government's own words.The government welcomes the report and sets out its approach through the Plan for Growth, agreeing on some points, stating that it does not believe a review of each Sector Deal is "the correct way to approach this issue", and declining to publish NERT dates and minutes.
- The government "agrees with the Committee that its policies and strategies should support the whole economy and deliver for all parts of the UK", and will work with the Devolved Administrations and regional and local leaders "where appropriate".
- It does not believe reviewing each Sector Deal for the impact of Covid-19 is "the correct way to approach this issue"; instead it "will continue to engage with sectors".
- On publishing dates and minutes of the National Economy and Recovery Taskforce, it "has noted" the interest, citing a "long-established precedent" that such information is not shared publicly.
- It will publish a Levelling Up White Paper "later this year", which will include plans for local leadership, "including considering the future of LEPs".