back to article Mandy writes cheque for UK tech biz

Lord Mandelson of Foy has announced a £30m fund to invest in small and medium UK technology firms. The money will be managed by TTP Ventures. Development money is available to small and medium-sized IT, electronics and instrumentation firms. The money, part of the Enterprise Capital Funds scheme, is aimed at high-growth firms …

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2 mill should just about cover the admin costs.

Two million should just about cover the cost of the form filling and reporting required by HMG.

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Coat

Basic Arithmetic?

"Lord Mandelson of Foy has announced a £30m fund to invest in small and medium UK technology firms."

"The government has pledged £60m a year for investment in ECFs."

So, what's happened to the other half then?

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Why?

What about other companies? Companies that are in the tech industry already have lower overheads than many other companies, they are still selling some of their stock...Where is the help for the construction industry? I've not seen one bit of government policy designed to get the construction and the hire industry back on to its feet, they are a crucial part of todays economy - those two industry's were first into the recession (it started 18 months ago) and they will be the first out, but what we need to see is a government led initiative to build more homes. There are very very houses first time buyers can afford, there are even less council houses they can rent off the economy. The entire British economy revolved around houses, always has and always will. Giving £30m to Tech companies is yet another waste of tax payers money, granted it may actually stimulate one or two bits of research but I doubt anything big will happen.

Well done Labour yet again, one hundred years ago we were a power spanning a quarter of the globe, it was said the sun never set on the British Empire - and look at us now, within 11 long and hard years of Labour we have gone from a reasonably sized power, with a decent manufacturing and economic base to a country with no clear leadership, no clear effective policies and devolution.

I would say we should all vote Labour again next time, so for once they could have the job of cleaning up their own mess - but they would only make it worse.

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Dilbert alert

Is that TTP as in Dilbert's acronym 'The TTP Project'?

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Boffin

Dilbert

For anyone that doesn't get the dilbert TTP comment:

In Dilbert's world, TTP is an acronym for "The TTP Project" - this is known as a recursive acronym.

Presumably the idea is to get management into a neverending recursive loop until their maximum run time expires.

TTP

The TTP Project

The 'The TTP Project' Project

The "The 'The TTP Project' Project" Project

The "The 'The `The TTP Project` Project' Project" Project

et cetera, ad infinitum.

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@ Why?

"The entire British economy revolved around houses, always has and always will."

Not so.

Up until the Premiership of one Mrs Thatcher, this country's economy was based on us importing raw materials, making things from them (remember manufacturing), then exporting the finished products.

Ever since Thatcherite policies ("There's no such thing as Society") all but eradicated manufacturing in this country, and flogged off the family silver, the economy has limped along on the crutches of an artificially inflated housing market, supported by an ever increasing amount of personal debt, and promoted by the "you too can be a property developer" fad on TV. Many of the service industries that we developed were rapidly offshored. And now, because the banks loaned more and more and more money to more and more and more people who just HAD to have a 'bigger', 'better', 'newer', 'posher' house with more rooms/toilets than they could possibly need, but couldn't really afford to pay it back AND keep themselves and their families fed and clothed, 'secured' on too many properties whose 'real' worth was just a fraction of what was loaned against them, and proceeded to chop up all that debt into little bits to be sold off to the highest bidder for even more 'profit', and then screamed "save us, save us!" when it all went horribly wrong. All presided over by a chancer, sorry, chancellor, intent on only balancing 'growth' against the great god Inflation, who's now jumped into the Top Job, now that Tony the Warrior has filled his booty sack, leaving Captain Darling to pick up the broken bits.

Let's just hope that this is all short term, and not too 'deep' shall we.

Rant over.

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Pirate

I wonder?

Judging by it's market capitalisation, phorm is now a small tech company.

Does this mean that UK government aid will now extend to writing cheques?

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Bronze badge

@ dervheid

Though I'm no great fan of Mrs T., it doesn't help to quote her 'no such thing as society' out of context. She was arguing against passing the buck, suggesting that an attitude of 'society should do something about it' doesn't usually provide much of a solution.

see Gerry Keen, http://www.theregister.co.uk/2008/01/21/computer_competence_tests/comments/

One of the main reasons that manufacturing in the UK went into decline is that the UK joined the EEC. The larger home market, promoted as one of its great benefits, helped our local competitors just as much as it helped the UK. Overseas trade, in which we did have a comparative advantage (intrinsic opportunities for synergy), declined.

By being in the European customs union UK firms were exposed to predatory competition and lumbered with regulation and the costs of bureaucracy. Opportunities for trade with existing partners in other parts of the world were limited by the abolition of advantageous tariffs (such as Commonwealth Preference)..In addition the Common Agricultural Policy led to higher food prices which increased the cost of manufacture and made us still less competitive in the world market.

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Blame the EU if you like, but...

it was El Thather's predecessor, Captain of the 'Morning Clown', Edward Heath who signed us in there.

So, it was STILL down to the Tories.

Not that I've any time for the NuLabourian dictatorship we're headed for / already in.

BTW, it's traditionally accepted to quote anyone 'out of context' on any forum.

Almost compulsory.

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