§ Mr. Wardasked the Secretary of State for Industry if he is ready to give further details of the additional support he is intending to make available to encourage innovation-linked investment.
§ Mr. Patrick JenkinYes. As I explained on 21 March in the Budget debate I have allocated £40 million to extend the support for innovation programme to help firms exploit more effectively the results of research and development, and to bring forward new products and processes from the backroom into the showroom.
I am pleased to announce that grants of up to 20 per cent. will be available to assist with the costs of preparing for full-scale production. To encourage the maximum uptake from small and medium sized firms support will normally be limited to projects costing up to £2 million.
Grants of up to 33⅓ per cent. will be available for market studies conducted at any stage of the innovation process
The scheme will be open for applications from 1 June. Offers of assistance will be subject to EC approval.