The UK could be on the verge of joining a startup funding scheme run by the European Union worth €4bn (£3.45bn).
According to a report provided by the EU Commissioner for startups Ekaterina Zaharieva (pictured) to the Financial Times, the move could happen later this year.
Securing the deal would require a reversal of a treaty decision from the UK to opt out of participation in the fund.
Should it go through, it would position the UK closer to the EU economically, in line with the stated intentions of Prime Minister Sir Keir Starmer.
Zaharieva reportedly described the prospective decision as being in the “mutual interest” of both parties.
The fund is part of Horizon Europe, a joint research programme backed by tens of billions that the UK left following Brexit and rejoined under new terms in 2024.
Expanding the UK’s involvement in the scheme would allow British startups to receive equity investments from funds connected to it. The UK would also have to contribute to the equity investment fund’s budget.
