The UK is the top destination for venture capital investment in Europe. At Budget 2017, the Chancellor announced a £20 billion action plan to help the UK’s most innovative firms access the finance they need to grow. In order to unlock further investment for innovative companies, at Budget 2018 the government announces steps to better enable defined contribution (DC) pension schemes to invest in patient capital.
This document also updates on the government’s progress implementing the action plan announced at Budget 2017. In the past year, the government has extended the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs), launched four investment programmes through the British Business Bank including British Patient Capital, and continued to back overseas investment in UK venture capital through the Department for International Trade.