UK to slash red tape, support scaleups

Government investing in key growth sectors.

The UK government wants to ensure that fast-growing British businesses are adequately supported in their home market.

"For too long, Britain's most promising companies have had to look abroad for the backing they need to grow," said Business Secretary Peter Kyle, announcing a package of growth measures that include major fund investments.

"Scaleups that should have become homegrown champions struggle against a system that is too slow and too fragmented. This package changes that."

The goal is to invest in key growth sectors as part of the UK's modern industrial strategy. The government will also work on slashing red tape through rules reviews.

"We are placing big bets on the industries where Britain can win, backing our innovators with real firepower, and cutting the red tape that holds them back," Kyle stated.

"This is what decisive government looks like – creating an economy that can grow and deliver prosperity for all."

The changes include the British Business Bank now taking bigger, higher risk stakes in scaleups within industries that are prioritised for growth.

"Cutting red tape and helping businesses scale up is central to our collective growth mission," commented CBI's UK Competitiveness Director Jordan Cummins.

"This latest package from government is therefore a good step on the journey to helping the growing firms of today become the global leaders of tomorrow."