Britain considers becoming a venture capitalist

London (UK) – The UK prime minister, Gordon Brown, has said that the government is pondering whether to set up a bank which could fund high tech ventures.

According to the BBC, Brown said that such a bank would fund “risky start ups” for high tech businesses. That follows a report from the UK’s National Endowment for Science, Technology and the Arts (NESTA) that the results of the credit crunch would affect a whole raft of the smaller high tech firms.

The UK government already has acquired plenty of banks, as well as bits of banks,  as a result of the credit crunch, so perhaps Mr Brown has developed a taste for the task of being banker in chief.

NESTA wants the government to chip in 50 percent of £1 billion to fund the tech startups, the BBC reported.

In other news, the UK Chancellor of the Exchequer, Alistair Darling, is indicating that on Budget Day, which is Wednesday, he will provide tax breaks to encourage green technologies. Everyone in the UK is hoping for green sprouts of recovery, especially the somewhat beleaugured UK government, with an election only a year or so away.

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