BVCA welcomes imaginative package from Chancellor

Responding to today’s Budget Statement, Tim Hames, Director General of the British Private Equity & Venture Capital Association (BVCA), says:

“Against a challenging and uncertain background, the Chancellor has sought to encourage investment in the companies, sectors and industries of the future.

Central to this is his response to the Patient Capital Review. The BVCA welcomes this imaginative package and agrees that it could have a transformative impact.

We support the additional resources available to the British Business Bank and endorse the increased support offered to the SEIS, EIS and VCT schemes. We would urge ministers to interpret the term “knowledge-intensive” with appropriate flexibility.

We look forward to working closely with the Government in developing a new long-term strategy for the UK asset-management industry.

We also approve of the extra money pledged to research and development, new technologies such as autonomous vehicles and artificial intelligence, and the Transforming Cities Fund. Any action that assists entry to the housing market will have a positive economic as well as social impact, so we are encouraged by the evidence that this is now a central priority in Whitehall.”

For further information, please contact

Gurpreet Manku, Assistant Director General and Director of Policy, BVCA
[email protected]

Tom Allchorne, Director, Communications, BVCA
[email protected]

Notes to editor

For more details about our views on the future of the British Business Bank, as well as the importance of SEIS, EIS and VCTs, please see our response to the Patient Capital Review here.

The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 650 member firms, representing the vast majority of UK-based private equity and venture capital firms and their investors and advisers.