BUDGET 2017: New British Business Bank fund announced
In today's Budget, Chancellor Phillip Hammond announced the Government would be publishing its ‘Action Plan’, to unlock over £20 billion of new investment in UK scale-up businesses.
The measures included a new fund in the British Business Bank, seeded with £2.5 billion of public moneym, as well as facilitating pension fund access to long term investments and doubling EIS investment limits for knowledge intensive companies.
The move comes after the Government launched a consultation into patient capital, chaired by Wellcome Trust Governor Sir Damon Buffini.
Hammond also added that:
"We stand ready to step in to replace European Investment Fund lending if needed."
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