Encompass’ CEO and co-founder Wayne Johnson has welcomed the news that businesses driving innovation and development will be supported through the Coronavirus pandemic with a £1.25 billion package from the UK government.
The purpose of the financial support is to ensure firms in some of the most dynamic sectors of the UK economy – ranging from those operating in areas from technology to life sciences – are protected through the crisis so they can develop innovative new products and continue their contribution to the growth of the country and its economy.
The package includes a new £500 million loan scheme for high-growth firms, called the Future Fund, and £750 million of targeted support for small and medium sized businesses focusing on research and development.
Chancellor Rishi Sunak commented:
Britain is a global leader when it comes to innovation. Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the Coronavirus crisis.
This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity.
Reacting to the announcement, Mr Johnson said:
It’s great to see that the government is actively supporting innovative companies in this current climate – not only will this maintain Britain’s leading-edge as a frontrunner in global financial technology invention, but will also drive job creation and support our crumbling economy during this extremely difficult situation.
Furthermore, young, innovative companies are often susceptible to short runways and costly overheads in the first few years of their conception.
Therefore, the government’s direct stance in financially supporting these companies will bring peace-of-mind to entrepreneurs and creative experts, ensure Britain remains an attractive option for global talent, and maintain our reputation for nurturing and encouraging home grown business. This in turn will do wonders for our economy, the general public, and our businesses overall.