UK Private Capital response to the Autumn Budget
Commenting, UK Private Capital Chief Executive Michael Moore said:
“The Chancellor delivered pro-investment measures today which should make the UK a more attractive place to invest in and grow a business.
“At a time when we need more founders to build, scale, exit and reinvest in the UK, we should be strengthening the incentives for successful entrepreneurs to put their capital and experience back into the next generation of businesses - and the new Founders’ Relief should do just that. We are delighted the chancellor has heeded our calls to tackle this challenge.
“More firepower for the British Business Bank will strengthen the UK’s investment ecosystem and ensure that innovative businesses can access the funding they need to grow.
“Building on the world leading EMI scheme will help the UK stay ahead in the race to be the best place to start and grow a business.
“We also welcome stability in the wider tax framework which will give investors greater confidence to commit capital to the UK for the long term.”
On the announcement of additional capacity for the National Wealth Fund and British Business Bank:
“We welcome the Government listening to our calls to give the British Business Bank the long-term funding it needs to build on its success as the UK’s largest investor in venture capital funds.
“The British Business Bank has become a cornerstone of the UK’s growth ecosystem. This additional funding will enable it to crowd in more private investment and support more ambitious businesses as they start, scale and stay in the UK.
“We also welcome the commitment to broaden the Bank’s investment activity to include venture debt funds and increase its commitments to equity funds. Public capital can play a powerful role in attracting and investing alongside private capital, strengthening the UK’s investment ecosystem and ensuring innovative businesses can access the funding they need to grow.”
On the announcement of a new scale up programme to support female founders:
“You can't grow the economy while leaving talent on the sidelines. As an Investing in Women Code partner we welcome the Government’s scale-up programme to support women founders.
"The decision to back more female founders with dedicated scale-up support and investment is a positive move that should help more ambitious businesses reach their full potential."
On the announcement of new regulatory carveouts for innovative products:
"This is the kind of practical reform innovative businesses have been calling for. Giving companies a safe space to test and scale new technologies, will help turn British innovation into commercial successes faster."
Notes to Editors:
For further information, please contact:
UK Private Capital Press Office
Email: [email protected]
Background:
About UK Private Capital
UK Private Capital is the industry body and public policy advocate for the private equity (PE), venture capital (VC) and private credit ecosystem in the UK. With a membership of 600 firms, we represent UK-based private capital firms, as well as their professional advisers and a large base of UK and global investors. The private equity, venture capital and private credit industry has a vital role to play in driving national and regional growth. Currently over 13,000 companies, employing more than 2.5 million people, are backed by private capital investment in the UK.
