The chancellor is reportedly set to unveil plans to back the UK’s fastest-growing tech startups though new use of savers’ pensions pots in next week’s Budget.

Philip Hammond is preparing to offer a funding boost for ‘scale-ups’ by channelling funds from a so-called ‘patient capital investment trust’ linked to billions of pounds of savers’ retirement pots, according to Sky News.

The chancellor is expected to publish a feasibility study for the initiative alongside his Budget speech on Monday, according to the reports.

Under the plans, defined contribution pension pots would fund the patient capital investment opportunities, and would build upon a £2.5 billion project already underway to support fast-growing companies.

Companies thought to be in line to benefit from the later-stage venture capital and growth funding are FinTechs in artificial intelligence, battery technology and scientific research.

Sky quoted Treasury sources who said a new working group, led by industry chiefs and the state-backed British Business Bank, is likely to include representatives from Aviva, HSBC, Legal & General and Tesco.

The working group, which will also include Nest, the workplace pension set up by the government, and The People’s Pension, will be tasked with designing structures for growth funding that could be implemented across the pensions industry.

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