Philip Hammond says that his department has identified a £4 billion funding gap between capital available to American and British start-ups Jack Hill/The TimesStart-ups could benefit from a new government-backed venture capital fund, designed to replace any European Union funding likely to be lost as a result of Brexit and to create more home-grown enterprises valued at above $1 billion. Philip Hammond yesterday proposed the creation of a National Investment Fund to help new British companies to obtain the finance they need to grow into large-scale concerns and to compete on a global scale. Announcing an eight-week consultation exercise, Mr Hammond said that his department had identified a £4 billion funding gap between capital available to American and British start-ups. “Britain is an innovation powerhouse and it’s vital that we make sure our cutting-edge firms have the funding they need to meet their potential and conquer new markets,”…

Source: The Times July 31, 2017 22:52 UTC