Autumn Budget 201829 October 2018: At Autumn Budget 2018, the Chancellor announced several measures relating to the British Business Bank. Two of these measures are of particular relevance to British Patient Capital:
Patient Capital and Defined Contribution Pension Schemes
Following our implementation of the recommendations of last year’s Patient Capital Review, the British Business Bank will chair a feasibility study to explore options for facilitating pooled investment in patient capital by large defined contribution pension schemes. This would be another important source of capital and would bolster other efforts to make more patient capital available for innovative companies across the UK led by ambitious entrepreneurs who want to build successful, world-class businesses.
Access to Finance and EU Exit
The Government continues to actively explore options for a future relationship with the European Investment Bank Group (including the European Investment Fund), which has invested in UK small business debt and equity markets. The Chancellor announced that if no future relationship with the EIB Group is in place when the UK leaves the EU on 29 March 2019, the Government will provide the British Business Bank with the resources to enable it to make up to £200m additional investment in venture capital and growth finance in 2019/20.
We will be working closely with HM Treasury, BEIS and UKGI to implement the measures announced in the Autumn Budget over the months ahead.
Read more about Autumn Budget 2018 measures on the British Business Bank website.