The UK Government has announced an expansion of the British Business Bank, increasing its financial capacity to £25.6 billion and boosting annual investments to approximately £2.5 billion. This strategic enhancement aims to enable smaller businesses to obtain necessary capital and stimulate private investment. The Bank has significantly contributed to the UK's venture capital landscape, supporting over half of the nation's unicorns. Proposed reforms to governance and financial arrangements will enhance operational effectiveness and ensure a permanent capital base for long-term growth.
The British Business Bank's total financial capacity will be increased to £25.6bn, enabling a two-thirds increase in investments to around £2.5bn each year.
This investment is expected to crowd in tens of billions of pounds of private capital, supporting the most innovative UK businesses to access the capital they need to scale.
Reforms to the British Business Bank's governance and financial arrangements will place the Bank in a position to successfully deliver the increased level of investment activity.
Louis Taylor, CEO, said: 'As the public financial institution with responsibility for supporting the growth of smaller businesses across the UK, the British Business Bank will play a critical role in delivering the UK's modern Industrial Strategy.'
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