Chancellor Philip Hammond announced in the Autumn statement his plan to pump £400m of venture capital funds into the British Business Bank, unlocking £1bn of new finance for growing firms. Philip Salter responded in an article for Real Business:
Philip Salter, director of The Entrepreneurs Network, said:
“£400m into venture capital funds through the British Business Bank makes sense in the context of Brexit, given the expected need to transition from the European Investment Fund (EIF) after we leave the European Union.
“But the Spring Budget should be an opportunity to grasp the nettle: unburdening enterprise through cuts to the most destructive taxes and simplifying incentives – like the Enterprise Investment Schemes and Employees Share Schemes – while avoiding the excesses of previous Chancellors.”
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