British Private Equity & Venture Capital Association (BVCA)’s Post

* A significant step forward for investment in the UK * At the Investment Summit today, the Chancellor Rt Hon Rachel Reeves announced that the UK Infrastructure Bank will operate as the National Wealth Fund (NWF), with its headquarters in Leeds. The NWF will now be able to make investments that maximise the mobilisation of private investment. Alongside this, the Chancellor, together with the Business Secretary Jonathan Reynolds MP, announced a new British Growth Partnership as part of the British Business Bank (BBB), which will create a new way for the British Business Bank and institutional investors to work together to invest in innovative companies. It is extremely welcome that the Government and the British Business Bank have brought this hugely significant programme forwards so quickly. The prize is to get significant new capital into the growth equity and venture capital funds that are creating new industries and backing innovative businesses that will be the backbone of the British economy of tomorrow. The British Business Bank has a vital role catalysing institutional investment into fast growing British businesses and this announcement will boost that work substantially. Just 3% of the pensions investment into UK led growth equity and venture capital funds is from UK pension funds. Alongside the Government’s pensions review this major new vehicle can be the start of a major shift that sees UK pensions savers get the improved retirement income that can come from backing funds which deliver active ownership and long-term investment in business.