U.K. reveals plan to stimulate long-term investments

In response to the U.K. government's Patient Capital Review, Chancellor Philip Hammond put forward proposals aimed at stimulating the growth trajectory of investments with a long-term horizon for innovative companies as part of the government's autumn budget unveiled Wednesday.

The plan includes the creation of a £2.5 billion ($3.3 billion) investment fund that the British Business Bank (BBB) will invest alongside private investors. BBB will also invest in a series of private sector fund of funds of scale with seeding the first wave of investment with up to £500 million ($663.1 million) and launching up to two additional waves of undisclosed amounts. Additionally, the government will back new and emerging fund managers with an undisclosed amount from its Enterprise Capital Fund program -- potentially filling a role that had been part of the remit for the European Investment Fund (EIF)...