Tech start-ups are urging the government to act quickly to create a bailout fund for British innovators that could prevent the failure of 30,000 firms in the sector.

The call from Luke Lang, co-founder of the crowdfunding site Crowdcube, comes as the Treasury confirmed on 6 April that it is considering plans on how best to support companies in the sector, the Financial Times reported, after warnings that Britain risks “losing a generation” of start-ups due to financial pressure caused by Covid-19.