UK Government To RESCUE TECH START-UPS

Chancellor of the Exchequer, Rishi Sunak, should channel up to £375m of state funds to save British tech startups.

According to the Financial Times, the British Government “would channel up to £375m into fast growing UK tech companies.” The new initiative, called “Future Fund: Breakthrough”, could be announced on Wednesday.

In particular, “new vehicle would see government funds matched by private sector venture capital” to “support potentially world-beating tech companies that need to scale up to the next stage of development.”

The new Future Fund: Breakthrough, the FT writes, “would be aimed at later stage businesses with established business models, rather than seeking to bail out Covid-hit start-ups.”

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