During yesterday’s Autumn Statement announcements, Chancellor Philip Hammond said that the UK Government would commit to a £400million funding injection to support start-up and small businesses.
The Chancellor said that the Government would inject £400m of venture capital funds via the British Business Bank, in a bid to encourage more start-up businesses to ‘scale up’ their operations, as opposed to exploring takeover opportunities with larger firms.
Hammond added that the move would unlock up to £1billion in finance for start-up and expanding businesses – reinforcing the UK’s reputation as a top destination for businesses and entrepreneurs.
The Chancellor said: “I am taking a first step to tackle the longstanding problem of our fastest growing firms being snapped up by bigger companies, rather than growing to scale”.
If you are a small business owner seeking expansion, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you are supported by expert business advice.
Wilson Wright are here to help. For more information about our services and support for start-up businesses, please contact us. We can help you to get ahead in the business world, effectively manage your spending and day-to-day costs, explore funding and expansion options and tax-efficient business structures, and find your feet on the pathway to success.