BVCA Summit: “smart and ethical decisions” needed from PE, minister says

If the government is to be on the side of the “wealth creators”, he said, the industry needs to continue to generate returns and to address problems including skills in the UK workforce. “Please make smart and ethical decisions,” he said when concluding his remarks.

Fuller, who is Economic Secretary to the Treasury and a founder of Investcorp’s VC division, spoke to Michael Moore, director general at the BVCA, during the event.

Moore noted that the competitiveness of the UK investment environment is important in making the country an appealing target for foreign investors. This will include changes to the regulatory charges cap for investors in funds, as well as potential changes to vehicles including VCTs.

The UK government’s three-part growth plan – comprising energy support, lower taxes and targeted regulation – will be relevant to the VC and PE industry, he argued, focusing in particular on regulation.

Levelling up remains part of the government’s agenda, Fuller said. Moore noted that two thirds of the UK venture capital’s investments and two thirds of the jobs that it backs are based outside London, emphasising the role that the industry can play in this goal.

Fuller said that entrepreneurialism is by no means a feeling that is confined to London, noting that the government’s investment zones plan is also expected to streamline initiatives on a local level.

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