Commenting on today's Budget, Simon Walker, Chief Executive of the BVCA - The British Private Equity and Venture Capital Association, said:
We welcome the Chancellor's announcement of a 30 per cent public procurement target for small and medium sized enterprises - something the BVCA has been calling for. We are also pleased that a former chair of the BVCA, Anne Glover, will head a review to take this forward.
"We are disappointed that the Chancellor hasn't done anything to extend tax reliefs to venture capital backed companies. This means that these firms will continue to be treated differently from other private companies. This is a missed opportunity because it is venture capital-backed companies who have the potential to generate jobs during an economic downturn. We will continue to talk to the Treasury to try to address this issue in future.
"We endorse the Chancellor's constant references to stability and certainty. While we don't like the changes that have already been announced to the non dom regime, we are glad he has promised that there will be no further change for at least two parliaments - this parliament and the next."
For further information please contact Elle Dormer on 020 7025 2967 or 07739 728 079
The BVCA - The British Private Equity and Venture Capital Association is the industry body for the UK private equity and venture capital industry.
The BVCA has over 400 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.
The UK private equity and venture capital industry accounts for almost 60% of the whole of the European market.
