The Institute of Directors is calling on all political parties to back the UK's startup culture ahead of the election

Mark Sands
Follow Mark
The UK heads to the polls on 8 June. (Source: Getty)

Ministers must commit to backing startups and entrepreneurs in post-election plans, the Institute of Directors has warned.

Both Theresa May's Conservatives and Jeremy Corbyn's Labour are yet to publish their manifestos, but the IoD has ramped up the pressure with a demand to back young businesses.

It follows calls from the CBI and the British Chambers of Commerce, which last week called for a focus on job creation and long-term vision, respectively.

In the first of a series of manifesto papers, the IoD is demanding all parties commit to a series of measures for startups, including a rapid resolution on future access to the European Investment Fund.

The EIF handed UK venture capital funds 2.3bnEUR between 2011 and 2015.

Read More: Meet the UK tech startups which just got funding to improve lives

IoD head of entrepreneurship and tech policy Jamie Kerr said: “Boosting entrepreneurship has been a UK success story over the last few years, and as we prepare to leave the EU, enabling business to set up and grow will be even more vital.”

He added: “If future collaboration with the EIF is not their aim, ministers should beef up the capacity of the British Business Bank as soon as possible so it can pick up the slack.”

In addition the IoD is demanding the next government completes ongoing reviews on entrepreneurship and long-term investment, and trial tax reliefs for investing in start-ups outside London and the South East.

Related articles