Industry welcomes Hammond's plans to boost UK scale-up companies but challenges remain to attract 'mainstream' investment

Industry commentators have welcomed Chancellor Philip Hammond's plans to support the growth of early-stage UK companies, as announced in last week's Budget, but some are sceptical about whether the changes could help raise significantly more capital through tax-efficient vehicles like EIS and VCTs.

The Chancellor launched the Patient Capital Review late last year in an attempt to overcome the barriers faced by young companies in the UK hoping to grow further. Chaired by Sir Damon Buffini, the taskforce recommended a three-pronged approach to tackling the issue, following a consultation with the industry. In his first Autumn Budget, Hammond has responded by announcing the government's intention to unlock over £20bn of new investment in UK knowledge-intensive scale-up businesses.  IW podcast: Why invest in VCT and EIS funds? He hopes to achieve this through the launch of a n...