Pessimism rampant amongst VCs
A new survey has found that almost three-quarters of the British private equity and venture capital industry see no improvement in the corporate fundraising climate in the next quarter.
The British Venture Capital Association’s study, undertaken by YouGov found that 85% of those surveyed reported an unfavourable fundraising climate during the last three months, while just over half found the general business environment equally poor.
Seventy-three percent believe there will no improvement in the industry in the next three months to June 2003.
The report also found strong support for the abolition of Taper Relief to be replaced by a flat rate of Capital Gains Tax in next week’s Budget speech.
Concerns were also expressed about the impact of the Iraq war and the movements on the stock market.