The chancellor is expanding a £500m fund for UK startups hit by the coronavirus crisis, to ensure firms that shifted their headquarters abroad can still access the scheme.
The Future Fund will now benefit companies that are seen as British in all but name, having moved their parent company to tap US investors or take advantage of so-called accelerator programmes. Accelerators like US-based Y Combinator often ask firms to set up a US entity in order to access financing, mentorships and expert networks overseas.
Future Fund applicants will still have to prove that at least half of their staff are based in the UK and that they make at least 50% of their revenues from UK sales, the Treasury said.
“This change means that those startups who have strived to be the very best, and taken opportunities to grow their business, will be able to benefit from our world-leading Future Fund,” chancellor Rishi Sunak said.
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