UK science start-ups and spin-outs are being hit by a Tory quadruple whammy!

UK #science start-ups and spin-outs are being hit by a quadruple whammy by Tories:

????Slashed R&D credits
????£120m loss of European Regional Development Funding
????Lowest biz investment in G7
????No association with #Horizon

The Minister says he doesn't recognise these as problems! pic.twitter.com/4CjPZDreb1

— Chi Onwurah ???? (@ChiOnwurah) March 15, 2023

Chi Onwurah 

(Newcastle upon Tyne Central) (Lab)

Across the country, our regions are home to thousands of brilliant science start-ups and spin-outs, but they are being hit by a Tory quadruple whammy: slashing R&D tax credits, leaving with them an average of £100,000 less to spend on research a year; a £120-million cliff-edge loss of European regional development funding; lack of access to capital—the UK has the lowest business investment in the G7; and continuing uncertainty over association with the £95-billion Horizon Europe, the biggest science fund in the world. Which of those barriers to growth for our innovative businesses will the Minister sort out today?

HANSARD:

https://hansard.parliament.uk/Commons/2023-03-15/debates/0665473B-08DE-463A-AA72-A530CA7BFDEF/CommercialisationOfScienceAndTechnologyResearchNorth-EastEngland#contribution-1F7110F0-D903-41B3-805F-28154F8EC7E3