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Government lends all-out support for business

By Francis Pacheco
-    Jan 24, 2023
Credit : GMI Post

The UK government has announced various funding initiatives, tax incentives and other support programs to help new businesses get off the ground. Among those initiatives is the Enterprise Investment Scheme and Venture Capital Trusts, which help a company upon opening and provides tax relief to individual investors who buy into the new venture.

Aside from data technology, the UK will continue to lead in innovation in a wide range of other sectors for as long as the government continues funding research and supports bold business ventures.

The country has had a strong spirit of entrepreneurship. It goes as far back as the Middle Ages with the rise of trade guilds. Then, the Age of Exploration resulted in a merchant class that embraced risk. Today, the UK boasts a vibrant ecosystem of small and medium-sized enterprises (SMEs) that are driving innovation and growth in a variety of sectors.

Meanwhile, Innovate UK, a non-departmental public body, accelerates economic growth by supporting private sector-led innovation. The agency provides access to the latest cutting-edge technology and also creates opportunities for collaboration between companies and researchers.

Because of its strong and stable economy, the UK has remained an attractive destination for American investment, as well as other multinational companies looking for an ideal base for operations. While London has long been a hub of finance, around 60% of employment in US-owned local business units is outside of London, according to government figures.

Article Tags: US, UK, Entrepreneurship

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