Business Finance – DTI backs business.

The European Commission is expected to approve a £250m Labour-backed scheme to encourage business start-ups in English regions which find it hard to attract private funding. The scheme involves using £50m of state funding over three years to attract £200m private venture capital. The scheme, which was halted by the Commission last year pending investigation, is now hoped to be operating by late autumn – more than two years after it was first suggested. Stephen Byers, outgoing head of the DTI, is credited with resolving the dispute with the EC’s competition commissioner Mario Monti.

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