Business development · 7 July 2016

Sajid Javid announces £60m boost to innovative UK businesses in wake of Brexit

inter-ministerial group on business engagement
Sajid Javid wants to help firms navigate post-Brexit uncertainty

Speaking at the first inter-ministerial group on business engagement, the business secretary has announced a new package of funding for the UK’s most disruptive businesses.

“Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs, and boosting our economy,” Sajid Javid said. “That’s why government is working with businesses across all sectors to ensure they have the support they need to grow now and in the future.”

“Part of our success will be to help propel innovative UK business even further – not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people.

“Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker and shows our commitment to make the UK the best place in Europe to innovate, set up and grow a business.”

The funding will will be distributed through Innovate UK, in a series of competitions encompassing areas including sustainable energy, modern urban living and healthcare technology.

The meeting, which Sajid Javid chaired, was the first of a series of fortnightly gatherings announced in the wake of the EU referendum result which will bring together ministers from different government departments to discuss how to make the transition period of the UK’s exit from the EU smoother for business owners. The group will feed into the new EU Referendum Unit established within the Cabinet Office.

“Now more than ever, businesses need certainty so it’s vital that the government maintains an open and continuous dialogue. We must work together to make sure the world knows that the UK is still open for business and remains an attractive place with which to trade and invest,” Javid explained at the launch of the committee in June.

“Working with ministers across government, I will make sure businesses have the information they need and work with them to identify opportunities as they open up.”

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Hannah Wilkinson is a reporter for Business Advice. She studied economics and management at Oxford University and prior to joining Business Advice wrote for Kensington and Chelsea Today about business and economics – as well as running a tutoring company.