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AUTUMN STATEMENT: Dearman reaction

AUTUMN STATEMENT: Dearman reaction

Dearman, the clean cold technology company has responded to the Government’s Autumn Statement and the outcome of the Comprehensive Spending Review.

Discussing the outcome, Toby Peters, Chief Executive of Dearman, said: “It is essential that as a country we continue to support innovation and back innovators. They are the lifeblood of our future economy and they will help us address the environmental challenges that we all face. But perhaps most importantly, strong Government backing sends a message to private investors and to our young people that we are open for business, that we do respect and welcome technology development, and that we will support fast growing companies, helping them to create jobs, exports and wealth.”

Commenting on the announcement of funding for a new Energy Research Accelerator housed in Midlands Universities, Peters added: “ERA has the potential to be a game changer for UK energy research, for the future of cutting edge British technologies and for our capacity to export them around the world. In particular, ERA recognises the vital role that cooling plays in today’s energy mix and in growing global energy demand.  We have a unique opportunity to develop the technologies the world needs, to commercialise them and to establish the skills we need to manufacture them.  ERA will play a crucial role in delivering this ambitious goal and the Government has shown genuine foresight in making it a reality.”

Regarding an announcement of changes to innovation funding, Peters commented: “Today’s commitment to ongoing funding for the development and commercialisation of innovative British technologies, with Innovate UK’s budget being supported, is very welcome.”

“The transfer of some grant funding to loans is understandable.  If the Government helps to create successful commercial technologies, then it is only right that the taxpayer should get some of their money back. However, any system of loans must be introduced sensitively.  We must protect the most innovative start up companies and academic spin outs.  It is essential that loans are set up to be repaid when a technology reaches maturity and begins to earn revenues.  Otherwise the Government may help companies today, only to put them under pressure in the future.”

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