HISTORIC PRESS RELEASE : Financial Secretary Stephen Timms tells American venture capitalists “Britain is open for business” [September 1999]
The press release issued by HM Treasury on 15 September 2022.
Financial Secretary to the Treasury Stephen Timms today called on American entrepreneurs to invest in Britain and tap into first class British research into information technology and biotechnology.
Speaking at Stanford University, California, to an audience of some 400 American entrepreneurs and venture capitalists, Mr Timms said:
“This Government has set out to build a new Britain which will be modern and decent – a thriving, knowledge-based economy, and one where every person has the chance to play their full part. It has become very clear to me today that we have a great deal to learn from what is happening here about how to build a modern economy, but also about how to build a decent society as well.
“There is one message I should like to impress upon you. That is there are great opportunities today for venture capital investment in the United Kingdom, which I hope a number of you will explore.
“The quality of research in the UK has always been very high – especially today – in information technology and biotechnology. In the past it has been severely under exploited.
“We are determined to change that. We are taking major steps to promote the commercialisation of the research produced by our universities. Universities like Cambridge are themselves promoting entrepreneurship. And we are taking new steps to promote the commercialisation of the research produced in other public sector research establishments. Underpinning such initiatives we aim to transform the whole business environment in the UK.
“There is compelling evidence that our new macroeconomic policy framework has delivered an economic stability that has eluded British Governments for 30 years.
“We are learning from the models that you have pioneered to adapt a new quality of partnership between business and Government that will address the big issues that face us both.
“We are introducing new tax incentives to encourage individual entrepreneurship and corporate venturing.
“Earlier this week the Prime Minister, Tony Blair in a major speech in Cambridge set out how we are building an environment for e-commerce to match the best in the world.
“It adds up to a huge opportunity for investment. The UK is the biggest overseas investor in the United States, and the US is the United Kingdom’s biggest trading partner. About half the venture capital investment in Europe today is in the UK, and half of that is provided from the US.
“So the foundations are in place and the potential is immense. We want to work with you – the British Consul General is here to work with you – to see that potential realised.
“Britain is open for business – come and join us.
“Thank you again for your welcome.”
