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| Great Britain wants to buy shares in emerging technology companies |
(Rishi Sunak) British Prime Minister Rishi Sunak is preparing to launch a fund that will pump up to 375 million pounds (about 522 million US dollars) into UK's fast-growing tech startups.
This allows UK taxpayers to own interests in dozens of startups.
According to a report in the Financial Times, a new initiative called "Fund for the Future: Breakthrough" could be announced on Wednesday at the latest.
The technology sector will be the main focus of the fund. The guidelines provide for new professional visas to attract skilled workers. These measures should stimulate investment and support entrepreneurs.
The fund is funded by a government fund to support emerging technology companies that have the potential to rule the world and need to move to the next level of development.
These high-tech startups often suffer losses because they have to invest heavily in research and development.
The tech founder expressed concern that UK startups sometimes take the next leap in their development and sell instead to foreign competitors.
The fund risks pouring taxpayers 'money into failing companies because most emerging tech firms have lost their backers' money and few have become world leaders.
Before entering politics, your age was a hedge fund investor. With money from the Treasury, more than 10 out of 1,000 UK startups have invested in an initiative called the Future Fund.
This program is part of the Coronavirus Business Support Program, which provides loss-making startups struggling to raise money during the pandemic with convertible bonds similar to those of private investors.
New Future Fund: Breakthrough plan uses established business models to provide services to companies at the late stage rather than bailing out startups.
In theory, the move would help promising companies that could improve the UK's position in the tech industry but still need financial support to compete globally.
The size of each investment ranges from tens of millions of pounds in some of the major companies.