Chancellor Hunt earmarks £320m for funds backing UK innovation

Mansion House reforms

The UK’s “most promising” high-growth companies will receive backing from new investment vehicles designed to encourage pension funds to invest in them, in the first £320m tranche of the government’s Mansion House reforms.

Of the announced investment, £250m will go to two unnamed bidders under the Long-term Investment for Technology and Science (LIFTS) initiative, which works to establish new funds to invest in science and tech companies. Chancellor could unveil major ISA reform in Autumn Statement - reports Under the scheme, two new investment vehicles will be created that can be invested in by pension funds. The government expects this will ultimately lead to over £1bn of total private capital, including substantial amounts from defined contribution pension schemes, going to support innovative UK comp...