£1.25 billion financial support package announced

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The UK’s start-ups and research and development (R&D) firms are to benefit from a £1.25 billion financial support package in a bid to protect emerging businesses from the effects of the ongoing coronavirus pandemic.

Announced yesterday by chancellor Rishi Sunak, the so-called “targeted and tailored” support for innovative businesses will be made up of the Future Fund, a £500 million loan scheme for start-ups, and a £750 million fund for SMEs across all industries that focus on R&D.

Acknowledging that the UK is a “global leader when it comes to innovation”, Sunak suggested it would likely be these companies that help the UK out of crisis post-pandemic. Protecting them, he said, would ensure their ability to eventually “power our growth out of the coronavirus crisis”.