Start-ups across Britain have been crying out for more financial support after rivals in France and Germany were given access to funds.
"Our start-ups and businesses driving research and development are one of our great economic strengths, and will help power our growth out of the coronavirus crisis," Sunak said.
The remaining £750 million is for small and medium-sized firms focusing on research and development. It will be issued as loans and grants by U.K. innovation agency Innovate UK. The first payments are expected to be made in mid-May. The unveiling of the emergency financing deal comes after the CEOs of some of Britain's top tech companies — including billion-dollar "unicorns" Deliveroo, Darktrace and Improbable —Talks for a further package supporting later-stage tech start-ups are ongoing.
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