The UK and the EU plan to soon start talks aimed at London’s inclusion in Brussels’ new multibillion-euro fund for tech companies as part of efforts to reset relations and give a boost to Britain’s economy.
The €5bn Scaleup Europe Fund, which is set to start distributing money in the coming months, will invest in promising European companies in highly competitive sectors including artificial intelligence, quantum technologies and semiconductors, as the continent seeks to narrow the gap on tech development with the US and China.
UK business secretary Peter Kyle and tech secretary Liz Kendall are hoping to secure the UK’s involvement in the fund as part of the Labour government’s efforts to draw closer to the EU at a time of global economic turmoil, according to people briefed on the plan.