Finance · 22 November 2017

Autumn Budget 2017: Chancellor injects 2.5bn into the British Business Bank

hammond
A wide package of measures has been introduced to boost innovation
Philip Hammondhas committed another 2.5bn to the British Business Bank (BBB) in his Autumn Budget speech, providing a boost to UK productivity and innovation.

The 2.5bn will be incubated? by the BBB in order for the development bank to become a leading investor in long-term patient? investments. It is the most significant commitment of funding the government has given the BBB to date.

The government’s investment in the BBB is part of a wider package of measures design to boost innovation over a ten-year period.

The ten-year action plan?, announced by the chancellor in his Budget speech on 22 November, also includes an allocation of 500m towards a range of innovation-boosting initiatives, like artificial intelligence, 5G connectivity and the rollout of full-fibre broadband.

Read moreautumn Budget coverage:

Chancellor abandons the staircase tax

New business rates calculation brought forward to 2018

In his speech, the chancellor said: We have some of the world’s best companies and a commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future.

those who underestimate Britain do so at their peril. Because we will harness this potential and turn it into the high paid high productivity jobs of tomorrow.

a new tech business is funded every hour and I want that to be every half hour. So today we invest over 500m in a range of initiatives from artificial intelligence to£5G and full-fibre broadband.

we support regulatory innovation, with a new regulator’s pioneer fund and a new geospatial data commission to develop a strategy for using the government’s location to support economic growth and to help our tech startups reach scale.


 
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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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