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UK Innovation Fund

Volume 497: debated on Thursday 22 October 2009

To ask the Minister of State, Department for Business, Innovation and Skills pursuant to the answer of 9 September 2009, Official Report, column 2093W, on the UK Innovation Fund, which budgets within his Department other than the Strategic Investment Fund he will draw on to accumulate the remaining £25 million for the UK Innovation Fund; and how much he will draw from each budget. (292175)

[holding answer 14 October 2009]: As a trading fund the Intellectual Property Office has built up retained earnings of around £55 million. The Department has identified these reserves as a source of the remaining £25 million funding for the UK Innovation Investment Fund. Drawing on these reserves as an equity withdrawal will enable the Department to invest in the fund whilst continuing to meet its other commitments.