We are delighted to welcome Lord Clarke of Nottingham as honorary President of the VCT Association. The groundwork for this thriving ecosystem was laid on 29 November 1994, when the then-Chancellor presented the Venture Capital Trust (VCT) scheme before parliament and subsequently launched it. Looking back to that critical moment for UK ventures, the success that we enjoy today was by no means guaranteed.

The country’s venture capital market was fledgling at best – industry data estimates that there was only £76m of early-stage investment in the UK in 1994. And yet, the Chancellor was willing to place a bet on the ambition, innovation, and entrepreneurialism of the UK.

30 years on, it is evident that his bet has paid off. VCTs have grown into a cornerstone of the economy - providing patient capital to startup and scaleup companies across the UK as well as fostering the job creation, innovation, and growth that the scheme was intended to deliver. Today, VCTs collectively manage more than £6.5bn, across a portfolio of more than 1,000 start-ups and scale-ups, which together support more than 100,000 jobs.

Our membership wholeheartedly thanks Lord Clarke for agreeing to become honorary President of the VCT Association, and we shall continue working together towards a vibrant future for the UK venture capital community.

Lord Clarke of Nottingham, President of the VCTA: When I stood at the despatch box in 1994 to deliver my Budget, it was clear to me that the UK had a tremendous opportunity to build a thriving venture capital industry. In turn, this network of investors would finance the future growth and prosperity of entrepreneurial businesses.

Read more in the VCTA's 30th anniversary report - The Changing Faces of VCTs: https://9d9d6b6c-da02-4293-9a86-7cd4bf679695.usrfiles.com/ugd/ed7722_771d2898bc0c4570b2f3efd8d1311e68.pdf