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. In a report published on Tuesday, London’s EY said it was “increasingly concerned about the lack of clarity around how much public money is being spent in Britain and what impact this has had on our ability Chancellor Philip Hammond said he will give extra support to the British Business Bank if the EIF 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.