UK Taxpayers Lose £400 Million on Covid Startup Rescue Fund

UK Taxpayers Lose £400 Million on Covid Startup Rescue Fund

UK taxpayers have lost £400 million ($547 million) on a startup investment rescue fund launched by former Prime Minister Rishi Sunak during the pandemic after hundreds of the companies went bust.

UK’s Future Fund Leaves Taxpayers with £400M Loss, Startup Ecosystem in Question

The collapse of hundreds of startups backed by the UK’s Future Fund has left taxpayers nursing a £400 million loss, raising serious questions about the efficacy of government intervention in venture capital and the long-term implications for the UK’s startup ecosystem. The fund, launched by then-Chancellor Rishi Sunak in May 2020, was designed to support emerging businesses during the pandemic… Source