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Budget comment from Archangels

Spreng Thomson blog

Budget comment from business angel investment syndicate, Archangels

David Ovens is Chief Operating Officer at Edinburgh-based Archangels, the oldest and one of the largest business angel investment syndicates in the world.

In response to Chancellor Philip Hammond’s measures designed to encourage patient capital investment, and announced in today’s Budget, he said:

“We welcome the spirit of the measures that Mr Hammond announced today, specifically an additional £2.5 billion fund to unlock investment in emerging businesses and doubling  the investment limit for the Enterprise Investment Scheme (EIS) for knowledge intensive companies. We look forward to seeing the detail in his promised patient capital action plan.

“It is encouraging that the Chancellor has chosen to shine the spotlight in today’s Budget on the need for investment in innovative early stage companies. Today’s start-ups are the success stories of tomorrow and they require the support of government and investors if they are to succeed and become major employers and contributors to our economy.”