Lunarman Lord Battacharyya calls for New Innovation Bank

An Innovation Bank should be launched to back new ideas and able entrepreneurs, Lord Kumar Bhattacharyya, head of Warwick Manufacturing Group, has urged.

Speaking in a House of Lords debate, Lord Bhattacharyya said: “Our problem isn’t that we don’t spend enough money – it is that we don’t use that money with a real purpose, with our objectives integrated across government for economic impact.

“So, for example, the £2.5 billion Automotive Assistance Fund announced by the Government last year was hard to access, lengthy to apply for and so did not integrate with what business urgently needed. We were draconian, while our competitors were fast on their feet.”

Not a penny was ever paid out.

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