“The fund also invested nearly £2m in companies linked to Sunak’s wife, Akshata Murty.
The Department for Business and Trade’s latest annual report shows that 334 companies backed by the Future Fund have since gone under, costing the taxpayer hundreds of millions of pounds”
And
“Shortly after the launch, the BBB’s then chief executive, Keith Morgan, warned ministers that the scheme would mostly attract “second-tier” companies that could not attract investment from elsewhere and that achieving value for money for the taxpayer was “highly uncertain”.
The business department’s annual report shows that 3.9% of its investments – about 47 firms – were flagged for suspected fraud, amounting to £79.5m of the Future Fund’s total investment”
Select-Tea-2560 on
Shocker: Man who married into wealth doesn’t have a clue about it.
MCDCFC on
Sums up the general ability of those who govern us perfectly
GuyLookingForPorn on
Not to dirty myself by defending Rishi Sunak, but it feels misleading to portray this as investments. This was just a COVID policy designed to stop our start up ecosystem collapsing over night.
It wasn’t designed to make money, it was designed to save our innovation economy, which it did.
BaBeBaBeBooby on
With Sunak’s history of making personal profit from policy, I’d be amazed if the Sunak family didn’t make millions from this investment fund
deyterkourjerbs on
I don’t have a problem with this. Investing in this sort of thing is a gamble but it’s an optimistic idea.
goonercaIIum on
To be honest investing in startups around the pandemic to the current environment, that’s not the worst loss lol
Informal_Drawing on
It doesn’t say how many companies are still working, just that 334 have folded. Perhaps I missed the number?
8 commenti
“The fund also invested nearly £2m in companies linked to Sunak’s wife, Akshata Murty.
The Department for Business and Trade’s latest annual report shows that 334 companies backed by the Future Fund have since gone under, costing the taxpayer hundreds of millions of pounds”
And
“Shortly after the launch, the BBB’s then chief executive, Keith Morgan, warned ministers that the scheme would mostly attract “second-tier” companies that could not attract investment from elsewhere and that achieving value for money for the taxpayer was “highly uncertain”.
The business department’s annual report shows that 3.9% of its investments – about 47 firms – were flagged for suspected fraud, amounting to £79.5m of the Future Fund’s total investment”
Shocker: Man who married into wealth doesn’t have a clue about it.
Sums up the general ability of those who govern us perfectly
Not to dirty myself by defending Rishi Sunak, but it feels misleading to portray this as investments. This was just a COVID policy designed to stop our start up ecosystem collapsing over night.
It wasn’t designed to make money, it was designed to save our innovation economy, which it did.
With Sunak’s history of making personal profit from policy, I’d be amazed if the Sunak family didn’t make millions from this investment fund
I don’t have a problem with this. Investing in this sort of thing is a gamble but it’s an optimistic idea.
To be honest investing in startups around the pandemic to the current environment, that’s not the worst loss lol
It doesn’t say how many companies are still working, just that 334 have folded. Perhaps I missed the number?
It doesn’t seem like the full story.