At Business, Energy and Industrial Strategy Questions, Sir David Amess MP called on the Government to continue to invest in and promote youth entrepreneurship in Essex and across the country.
On 30th April, the Southend West MP said 'In 2017-18, recent graduates from the University of East Anglia set up 247 start-ups employing 1,015 people. Will my hon. Friend reassure me that the Government will continue to fund these schemes, as they mean so much to young people and help to create a vibrant economy.'
The Minister, Kelly Tolhurst, replied 'Our young people provide an invaluable contribution to the UK economy- they are more than twice as likely to be entrepreneurs as their peers in France and Germany- and we are supporting them. The start-up loans programme has provided over £60 million in loans to 18-24 year olds since 2012. To further realise young entrepreneurs' potential, I have asked the Prince's Trust to lead a review to identify the barriers that they face.
Through our industrial strategy, we recognise the valuable contribution from the creation of spin-outs and start-ups by businesses from university. That is why we have committed to increasing higher education innovation funding from £160 million to £250 million per year by 2020-21. This will help to increase universities' capacity to engage in commercialisation and work with business.'