April 21, 2020

Our Future Fund for supporting innovative British businesses

Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.

That’s why the Chancellor has announced a £250 million package of support for innovative firms impacted by coronavirus, delivering important help that will protect some of the most dynamic sectors of our economy.

Supporting our businesses is crucial in these unprecedented times. The Future Fund will mean businesses can access the capital they need at this difficult time and ensure businesses across the UK can continue to create new ideas and spread prosperity.

What is the Future Fund?

The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

Launching next month, the scheme is targeted to help those businesses who rely on equity investment and are not able to access the Coronavirus Business Interruption Loan Scheme.

The Government will initially make up to £250,000,000 available in total for the scheme, price matching private investment for eligible businesses, but will keep this figure under review.

Why the Government has announced the Future Fund

The Future Fund will help provide the support needed for many rapidly growing innovative firms across the country. In these difficult times, we want to do as much as we can to protect jobs and firms. This is another one of our business packages to help firms survive the coronavirus pandemic.

Rishi Sunak said the following in a press briefing about why the Future Fund will make such a difference to businesses:

“Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis.

“This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.”

Who is eligible for the Future Fund?

You can apply if:

  • your business is based in the UK;
  • your business can attract the equivalent match funding from third party private investors; and
  • your business has previously raised at least £250,000 in equity investment from third party investors in the last five years.

Full eligibility criteria will be published in the near future on the Government website.

Stay at home. Protect the NHS. Save lives.

The coronavirus outbreak is one of the biggest threats that our country has faced for decades. And beating coronavirus will not be a short battle – it will take months of hard work.

That’s why this Government is keeping all restrictions in place. It is also why we’re providing additional support to those innovative businesses who need it.

The more people that get sick with coronavirus at any one time the harder it is for the NHS to cope – meaning the more people are likely to die, from either the virus or from other serious illness.

The Government’s message has been clear on how to prevent this. Stay at home. Protect the NHS. Save lives. And by continuing to follow the Government’s step-by-step action plan, governed by the best scientific advice, we will protect the NHS’s ability to cope, and give people the care they need, while keeping people and businesses safe.

So stay at home, to protect the NHS, and save lives.

Region Labour's Pension Tax (£) Extra Months to Work
England 11,167 44
East Midlands 6,150 50
Greater London 12,871 45
North East 9,758 38
North West 6,835 47
South East 14,270 40
South West 7,407 45
West Midlands 10,729 41
Northern Ireland 13,718 35
Scotland 10,653 41
Wales 11,691 36
United Kingdom 11,253 43

Commenting, Therese Coffey, Secretary of State for the Department of Work and Pensions, said:

“Corbyn’s Pension Tax will see ten million savers facing a huge bill forcing them to delay their retirement for almost three and a half years.
“This is just one of the ways a Corbyn government would hammer hardworking people on top of his plans to hike up taxes by £2,400 a year, as well as the cost of his plan for unlimited immigration and the chaos of 2020 being dominated by two more referendums – one on Brexit and another on Scottish independence.
“Only Boris Johnson and the Conservative Party can get Brexit done with a deal, get parliament working again and turbocharge our economy to unleash Britain’s potential.”

Read more about how this Pension Tax will impact millions of savers (PDF)

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