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Budget 2020: British Patient Capital Response

Press release 11 March 2020

At today’s Budget, the Chancellor announced that the Government would be providing a further £400m to back businesses that are scaling-up. Within this allocation, £200m has been made available specifically to make equity investments in health and life sciences. This is expected to attract a further £400m of additional private investment, with the new fund being launched within the next year.

We welcome this new funding, which will support the large-scale venture growth funds our country needs to build our successful life sciences industry further. Financing the growth of innovative, fast-growing businesses in the sector will enable the UK to continue to be a world-leading innovator in health and life sciences. The remaining £200m is being provided to enable the UK’s high growth businesses to take full advantage of new opportunities now that the UK has left the EU. - Keith Morgan CEO, British Business Bank

We welcome this new funding, which will support the large-scale venture growth funds our country needs to build our successful life sciences industry further. Financing the growth of innovative, fast-growing businesses in the sector will enable the UK to continue to be a world-leading innovator in health and life sciences. The remaining £200m is being provided to enable the UK’s high growth businesses to take full advantage of new opportunities now that the UK has left the EU.

This continuation of the support provided in April 2019 will be deployed through our venture capital and growth finance funding partners, including equity and debt funds, during 2020/21 to ensure that innovative British firms can access more of the finance they need to grow.

- Keith Morgan CEO, British Business Bank

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