Thought Leadership

The BVCA welcomed several pro-investment announcements in the Budget but called on the Government to focus on delivering a pro-growth agenda.

Ahead of the Budget on ​26​ ​November, the BVCA has continued to engage extensively with Ministers and Treasury on behalf of the industry.

This week, the BVCA sent a public letter jointly with other representative bodies including the Law Society, ICAEW and City of London Corporation, to express deep concern about a possible employers’ National Insurance charge on partnerships.

The BVCA has written to the Chancellor to outline that any increase to income tax at the Budget would risk impacting the carried interest reforms due to be introduced to Parliament in the upcoming Finance Bill.

Chief Executive Michael Moore highlighted the central role private capital plays in supporting long-term economic growth in evidence delivered to a House of Lords inquiry into the growth of private markets in the UK.

Defence investment was once taboo for many VCs and their LPs, either considered too risky from a reputational perspective or perceived incompatibility with ESG/RI frameworks

Baderin Tejuoso, Senior Venture Capital Executive reports on the themes which dominated discussion at Saastock 2025, where attendees talked about the importance of timing, reading the market, and how pension capital can help to close the scale up gap.

BVCA Chief Executive Michael Moore called for urgency to make progress in increasing the pace of UK pensions investment into private capital at the Regional Investment Summit held in Birmingham this week.

The BVCA has called on the Government to use its upcoming Budget to ensure the UK’s tax framework supports entrepreneurship, upholds the UK as a global destination to start and scale a business, and maintains the attractiveness of the UK for private capital firms and those who work in them.

BVCA Chief Executive Michael Moore, together with Karim Palant and Isobel Clarke, met with Treasury Minister Torsten Bell MP on Thursday to discuss how its proposed NOVA scheme could help facilitate greater investment in private capital and build more partnerships between institutional investors and UK VC’s and growth capital firms.

Throughout the Labour Party conference, the BVCA advocated for the Government’s pension reform agenda to support increased investment into private capital, including regional funds.

Over the past two years, the BVCA has undertaken a significant plan of work to help unlock greater levels of pension fund investment in venture and growth capital. From our Investment Compact to the work of the Pensions & Private Capital Expert Panel, we have been working to bring two industries together for the benefit of ambitious SMEs and the pension savers who can benefit from their growth.  

The BVCA response to the draft rules reforming the tax treatment of carried interest highlighted the need for clear drafting to avoid double taxation, proportionate rules for internationally mobile individuals, and workable provisions on average holding periods across different fund types.