Tech

Autumn Budget 2017: New fund to replace European investment post-Brexit

A new fund from the British Business Bank was announced today by chancellor Philip Hammond, to help UK startup businesses grow in scale.

Hammond promised that the UK would remain on the front line of technology and innovation post-Brexit, and that the government would "stand ready to replace EIF [European Investment Fund] lending if necessary".

He promised that the new British Business Bank fund would be seeded with £2.5bn of public money, and would allow pension funds access to long-term investments.

"Those who underestimate Britain do so at their peril," Hammond said, as he lauded the UK's entrepreneurial culture.

Hammond also promised to double the investment limits on tax-efficient Enterprise Investment Scheme limits for "knowledge intensive companies, while ensuring it is not used as a shelter for low risk capital preservation schemes".

The chancellor said that the new fund was part of an action plan "to unlock over £20bn of new investment in knowledge-intensive scale-up businesses".

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