Chris Haley, Head of New Technology & Startup Research at Nesta, comments on the implications of today's Autumn Statement for small businesses:

"The Chancellor today recognised startups as something of a lifeline for an economy that has yet to weather a potential 'hard' Brexit, with these businesses vital for innovation and the creation of new jobs. 

"The additional £400m from the British Business Bank to help these businesses to scale, which may unlock up to £1 billion through co-investment, is undoubtedly good news - as is acknowledgement of the UK's clear strengths in FinTech, and additional funding for the Department for International Trade to attract investment into this rapidly-expanding sector. Investment in the UK's digital infrastructure will also give some reprieve to businesses across the country that have had to endure creaking broadband for too long, threatening the UK's crown as the best place to set up a digital business in Europe.

"However, it is important to remember that access to capital and digital infrastructure are only two of the many limiting factors for startups and scale-ups; skills, leadership talent, and access to markets are also vitally important. Additional incentives to encourage collaboration between large corporates and smaller firms would have been a move warmly welcomed by the sector."

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