By announcing a review into defined contribution (DC) pension investment in 'patient capital' last month, the chancellor has moved to address a major structural issue in the British venture scene.
This change cannot come too soon - particularly now the European Investment Fund (EIF) - previously a cornerstone of most UK funds - has all but pulled out of the UK. Despite thriving in Europe, the venture capital sector here is still underdeveloped and underperforming on the global stage, primarily due to lack of institutional capital. This not only impacts our ability to support the start-ups and - crucially - scale-ups that drive employment and growth, it also impacts the possible long-term returns available to savers and investors How will demand for VCTs and EISs hold up in 2018...
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