16th February, 2016 No Comments
According to recent research at the Innovation Growth Lab, the British government spent £9.8 billion in 2013-14 supporting its businesses.
The research was undertaken by Teo Firpo and Thomas Beevers following the announced cuts in business support services as part of the Autumn Spending Review, November 2015 – with the BIS (the Department for Business, Innovation and Skills) seeing a 17% reduction in their budget.
The research set out to discover how the cuts might affect businesses and innovation in the UK, and crucially, to consider how the government should target the cuts.
Teo and Thomas considered it critical to know how the British government supports its businesses and entrepreneurs, not just through BIS, but across all departments, in order to reach any answers to these questions so the IGL research maps out how much public money goes to businesses and, importantly, through what type of support programmes. The research discovered that business support takes place across government departments identifying six other public bodies with business support programmes, including the Department for Environment, Food and Rural Affairs, and the Department for Communities and Local Government, beside tax relief and BIS.
‘How much does the UK spend supporting its businesses?’ can be read in full here.
Summarised by Davina Young @ Cavendish