EIF (The European Investment Fund) reduced its funding of UK technology start-ups by 91% last year, according to London & Partners. That, despite British firms attracting more private funding than any other European country; venture capitalists put four times more cash into the UK technology sector than that of Germany. The The European Investment Fund denied it had formally stopped investing in Britain. Chancellor Philip Hammond said he will give extra support to the British Business Bank if the The European Investment Fund stops backing UK investors.
The European Investment Fund (EIF) reduced its funding of UK technology start-ups by 91% last year, according to London & Partners. That, despite British firms attracting more private funding than any other European country; venture capitalists put four times more cash into the UK technology sector than that of Germany. The EIF denied it had formally stopped investing in Britain. Chancellor Philip Hammond said he will give extra support to the British Business Bank if the EIF stops backing UK investors.