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منزل > أخبار > Industry News > Government’s start-up fund can.....

Government’s start-up fund cannot replace EU money post Brexit

  • الكاتب:Ella Cai
  • الافراج عن:2017-08-03
UK is proposing to enter the venture capital arena with the creation of a National Investment Fund which will target British start-ups.

The hope is to create more UK-based unicorns, these are new firms valued over $1bn.

But it is also a way of replacing European investment in UK start-ups.

British businesses still rely heavily on funding from the European Investment Fund.

But this relationship with the European Investment Fund may end when the UK leaves the EU.

Julian David
Julian David

But Julian David, techUK CEO, questions whether a new national fund can compete with such an established source of support sitting just across the Channel.

“Right now the real priority for Government must be ensuring the UK remains part of the European Investment Fund,” said David.

“The EIF continues to be a key investor into UK tech, and any new post-Brexit system considered as part of this consultation must seek to maintain the UK’s link to this European wide funder.”

“Determining how the UK can improve its own funding mechanisms to help businesses of the future grow must sit alongside continuing to be part of established European systems post-Brexit.”

The government has published its plan and will consult with industry and financial sector on how the proposal should be implemented.

UK start-ups need greater access to financing if they are to become globally competitive. The government has identified a £4 billion funding gap between American firms and British firms.

The consultation also looks at how these firms might benefit from investment originating from pension funds; and how to commercialise research from UK universities and drive investment in firms across the UK.

Chancellor of the Exchequer, Phillip Hammond said:

“The new fund could be set up as a public-private partnership or be placed fully on the government’s balance sheet to be sold off once it has established a sufficient track record.”