This means ensuring the UK’s asset management industry is globally competitive and that the UK remains an attractive place to set up a fund manager, invest and conduct asset management activities. A competitive asset management sector also benefits the wider industries that rely upon a thriving private equity and venture capital sector, including banking, administration, legal, audit and other professional services.
The government is aware of the need to stimulate innovation and growth in the post-Brexit economy, and launched a number of initiatives in 2017/18 including:
The UK’s private equity and venture capital industry is well placed to support these initiatives, and make the UK one of the most competitive places in the world to start or grow a business. Our members are long-term investors that seek to develop sustainable businesses across the UK.
In November 2016 the government announced that HM Treasury would lead a Patient Capital Review (PCR) to further strengthen the UK as a place where growing innovative firms can obtain the long-term “patient” finance that they need to scale up. For the UK venture and growth capital industry, the PCR is a key part of the government’s industrial strategy programme.
A consultation, Financing Growth in Innovative Firms, was launched in August 2017 to explore ways to improve the flow of patient capital to the UK’s innovative firms. Venture capital schemes such as Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), and Venture Capital Trusts (VCTs), were considered as part of the review. The government responded to the consultation at Autumn Budget 2017, announcing an action plan to unlock £20 billion of investment over the next ten years. The government's full response to the consultation can be found here.
The BVCA is working with the government and the British Business Bank (BBB) on the review’s outcomes:
If you would like any further information on the BVCA’s work in this area, please contact the Policy team.
FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA
+44 (0)20 7492 0400