HMG publishes Summary of Responses following LIFTS consultation

On 26 May 2023, HMG published a Summary of Responses received in its Long-term Investment for Technology and Science (LIFTS) consultation. The LIFTS consultation was announced by the Dept for Business and Trade and HM Treasury on 15 March 2023. Simmons submitted a response to the Request for Feedback on 28 April 2023. See here for more details on the LIFTS initiative and our response.

The Government's response

The Summary of Responses includes the Government’s own response stating that as a result of the feedback received it would be:

• modifying the definition of ‘qualifying investments’ to include a minimum criterion of 50% UK content in the LIFTS fund(s), or 1x the HMG investment, whichever is higher;
• broaden the definition of science and technology firms;
• continuing to progress with work on the wider productive finance agenda (of which the LIFTS initiative is a part) with the aim of unlocking institutional investment, particularly DC pension capital (recognised as a long-term policy area); and
• proceeding with a Call for Proposals (published separately by the British Business Bank (BBB)).

The Call for Proposals

The BBB’s Call for Proposals welcomes submissions that can demonstrably meet the following LIFTS objectives:

• unlock UK institutional investment;
• catalyse investment into UK science and technology; and
• stimulate the UK VC ecosystem.

Government, via the BBB, will provide support to successful proposal(s) that offer overall value for money in meeting the objectives and satisfying the assessment criteria set out in the Call for Proposals document.

Deadline

Proposals should be sent to the BBB by 28 July 2023.