Venture capital of £1bn 'to be allocated to businesses of the future'

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Venture capital of £1bn 'to be allocated to businesses of the future'

The government's Department for Business, Innovation and Skills has announced that it plans to allocate around £1 billion into new businesses in the UK.

In a bid to support new ideas and enterprises, the department plans to use the money to invest in promising small businesses and start-ups specifically in the areas of advanced manufacturing, clean technology and life sciences.

The Department of Energy and Climate Change and the Department of Health will also be involved in investing a total of £150 million. The rest of the funds are set to come from private sources.

"Venture capital finance is the lifeblood of innovation and crucial to ensuring the commercialisation of the discoveries coming out of our research base. The fund will boost future UK competitiveness," Gordon Brown explained.

The plans have already been praised by the chairman of the Bioindustry Association Clive Dix. He said that it would "make a significant contribution to securing the long-term health of the life science sector in the UK".

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