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Government must do more to attract tech funds to UK, says ICAEW

A new initiative to use Artificial Intelligence and Big Data in corporate finance transaction services has been launched by ICAEW.

August 2018

ICAEW CEO Michael Izza, launching the scheme at ICAEW’s innovation investment conference, said ICAEW would collaborate with governments, professional services firms, regulators, financial institutions and other public-interest stakeholders to ensure companies, advisers and investment professionals can take the opportunities and tackle the risks involved in these new advanced digital technologies.

He announced the scheme at the ICAEW’s conference ‘Boosting Finance for the UK’s Industrial Strategy’, hosted at Chartered Accountants’ Hall in London.

The conference is part of an institute programme to help step up investment in the government’s £1bn Industrial Strategy Challenge Fund programme – overseen by UK Research & Innovation (UKRI) and its Innovate UK arm – with more commercial venture capital.

Research commissioned by ICAEW from Beauhurst, has found over £7bn of commercial venture capital has been invested in the UK since 2011 that would support the 14 streams of Industrial Strategy Challenge Fund investment.

Michael Izza said: “It is clearly vital that the government and other business organisations do more to attract venture capital to the UK. The government has provided an additional £2.5bn of British Patient Capital to support UK investment. This has the potential for the scale-up of new ventures and projects that emerge from the Industrial Strategy Challenge Fund. But we want Britain to be best in class when it comes to financing the kinds of industries, like cutting edge technology, where we lead the world.”

More information can be found at ICAEW’s new industrial strategy hub www.icaew.com/industrialstrategy

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