Autumn Statement 2016: Boost for VCTs and start-up tech companies

Chancellor Philip Hammond has announced plans to help British technology start-up companies by "injecting an initial £400m into venture capital funds".

In his first Autumn Statement as chancellor, Hammond (pictured) praised the "cutting-edge British businesses that are leading the world in disruptive technologies" and said the government will take action to help the development of growing firms. He said: "I am taking a first step to tackle the longstanding problem of our fastest growing technology firms being snapped up by bigger companies, rather than growing to scale by injecting an additional £400m into venture capital funds through the British Business Bank, unlocking £1bn of new finance for growing firms. "I am also launching a ...