Budget 2020: British Patient Capital Response
11 March 2020:
At today’s Budget, the Chancellor announced that the Government would be providing a further £400m to back businesses that are scaling-up.
Within this allocation, £200m has been made available specifically to make equity investments in health and life sciences. This is expected to attract a further £400m of additional private investment, with the new fund being launched within the next year.
Catherine Lewis La Torre, CEO of British Patient Capital said: “We welcome this new funding, which will support the large-scale venture growth funds our country needs to build our successful life sciences industry further. Financing the growth of innovative, fast-growing businesses in the sector will enable the UK to continue to be a world-leading innovator in health and life sciences.”
The remaining £200m is being provided to enable the UK’s high growth businesses to take full advantage of new opportunities now that the UK has left the EU.
Catherine Lewis La Torre, said: “This continuation of the support provided in April 2019 will be deployed through our venture capital and growth finance funding partners, including equity and debt funds, during 2020/21 to ensure that innovative British firms can access more of the finance they need to grow.”