Trade group techUK, which represents 950 technology firms, has indicated that it is vital for any Brexit deal to allow the UK to continue to benefit from the European Investment Fund (EIF). Currently throughout Europe the EIF provides approximately £500 million each year to boost investment in UK new technology companies, and a total of £2 billion overall being provided to small businesses focused on technology innovation in the UK.
To compensate for any impact from Brexit, Chancellor Philip Hammond announced the launch a UK based investment fund in the event Britain can no longer benefit for the European Investment Fund. Although this is welcomed news to have a “back stop” to support investment, the concerns for British firms is that they will remain lagging behind the US on the longer-term investment, potentially slowing the scale up of businesses.
To find out more visit: www.techuk.org