EIS Association welcomes Chancellor’s innovation support, but flags the failure to acknowledge private investment
The business association responsible for the Enterprise Investment Scheme has welcomed the Chancellor’s statements on boosting innovation in the UK, but has expressed disappointment that he has failed to recognise that much of the initial investment that supports the early stages of new innovative businesses comes from the private sector, making use of the Enterprise Investment Scheme.
Director General of the EISA, Mark Brownridge commented, “The investment gap for early stage growth businesses that are unable to attract funding through the banking sector, whether supported by government schemes or not, sits at in excess of £2.5 billion.
Giving reassurance to the private investors who provide this much needed capital, that the scheme will continue beyond the current sunset date of 2025 is critical. We will continue to lobby the Government to recognise the part that private investors play in starting and driving innovative businesses, underpinning the positive projections that the Chancellor has cited.”