BVCA Publishes Considerations for Creating a UK Green Investment Bank
22 March 2010
Responding to today's budget, I have made the following initial public comments:
"We endorse the Chancellor's support for small and medium-sized enterprises within the Budget. In particular, we welcome the doubling of entrepreneurs' relief to the first £2m of gains made over a lifetime. This will further encourage entrepreneurship and foster innovation, as will the establishment of the University Enterprise Capital Fund.
The creation of a Growth Capital Fund is also good news for British businesses. With debt financing so difficult to come by, it is vital for the future of the British economy that small and medium-sized businesses receive investment to grow. If it is to make a real difference, the fund must operate along strictly commercial lines. As the Chancellor himself stated, it is the private sector, with its drive and ingenuity, which will create jobs and prosperity.
The Government's intention to establish a Green Investment Bank reflects the recommendations of our own Energy, Environment and Technology Board in its report published earlier this week, but to be successful it will be essential that the Government works closely with the private sector in its design and implementation.
Private capital should be favoured over public capital to rebuild the economy, create jobs and meet our climate change commitments."
I would welcome your comments by reply.
