UK MPs urge UKRI to take equity stakes in taxpayer-funded startups

The Public Accounts Committee says UKRI is too cautious about protecting taxpayers' interests and should consider taking equity stakes in more of the companies it funds. MPs also flagged a £46 million abandoned aircraft lab upgrade and an expected 13-month gap before a replacement for the ARCHER2 supercomputer.

• PAC wants UKRI to review grant terms and take stakes in more backed firms
• Aircraft lab upgrade was scrapped after £46M of its £49M budget was spent
• No replacement ready for ARCHER2 supercomputer, leaving a 13-month gap
• Half of UKRI funding still goes to London, the South East and the East