Source · Select Committees · Business and Trade Committee
Recommendation 37
37
Accepted
Paragraph: 150
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 AI-generated
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.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
150
Government Response
Accepted
HM Government · verbatim extract
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
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