Alex Davies, CEO and Founder of Wealth Club said: “It is great to see the Chancellor announcing the extension of the Venture Capital (VCT) and Enterprise Investment Schemes (EIS), especially after a year or so of speculation about whether a looming Sunset Clause could see the industry shut down in April 2025. Removing this uncertainty should give investors the confidence to continue supporting this key engine of British innovation.

While no further details have been given at this stage, the announcement follows a Treasury Select Committee inquiry into the UK’s venture capital market. Among other things, it looked at the efficacy of VCT reliefs, leading to a great uncertainty for an industry which raised £1.1 billion for UK start-ups in the last tax year.

After many years it feels like we have got a government on the side of business and entrepreneurs that understands the value they bring to the economy and society. The announcement today will bring much-needed money into early-stage businesses at a time we really need it.”