The Chancellor’s recognition of the value of high growth, high potential firms was welcomed by businesses, and in particular the funding for the British Business Bank, changes to the qualifying rules of the Entrepreneur’s Relief and the commitment to protecting the European Investment Fund in the Brexit negotiations will be welcomed by CBI members.
What did Autumn Budget 2017 mean for scale-up businesses?
The government’s response to the Financing growth for innovative firms consultation set out a ten year action plan to unblock £20bn to finance growth in innovative firms, with a £2.5bn fund incubated in the British Business Bank.
Why does this matter?
As the UK prepares to leave the European Union, it is a critical time to ensure that UK businesses with the opportunity to grow have the right advice, tools and long-term investment to do so. These proposals in response to the Patient Capital Review offers an opportunity for the government to provide certainty to firms who are concerned about the long-term investment landscape, to unlock growth in the UK economy and strengthen our competitiveness, raising prosperity for all.
The CBI continues to work with government on reviewing progress on the patient capital agenda, working closely with financial services firms, the wider CBI membership and the British Business Bank to foster a true long-term investment culture in the UK.