The UK government is to sell its one-third stake in the Behavioural Insights Team — popularly known as the ‘nudge unit’ — as part of plans to attract £100m of investment in smart ways to hit net zero by 2050, cut obesity rates and improve early-years education.
The £15.4m deal will see BIT become a wholly owned subsidiary of Nesta, the UK innovation foundation. Nesta will look to grow the reach of the social consultancy company, which was spun out of the Cabinet Office in 2014.
Ravi Gurumurthy, chief executive of Nesta, said the acquisition would unlock the door to greater funding for BIT, which started as a seven-person team in 10 Downing Street in 2010, but grew to become a global social consultancy with 250 staff and a turnover of £20m.
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