Statement by the Secretary of State for Business and Trade and
Chancellor setting the British Business Bank's strategic
direction and priorities for 5 years.
Statement of strategic
priorities to the British Business Bank (HTML
version)
Details
The statement of strategic priorities sets the strategic mandate
for the British Business Bank, reflecting the government's
Modern Industrial
Strategy and Backing Your Business,
the plan for small and medium-sized businesses.
The bank has delivered an additional 250,000 jobs and £43 billion
in gross value added since its inception in 2014 and this
strategic mandate will enable it to go further and faster, with a
two-thirds increase in the pace of investment to approximately
£2.5 billion each year.
The 5-year strategic mandate gives the bank a new mission from
April 2026 to drive economic growth by helping smaller businesses
get the finance they need to start, scale and stay in the UK.
The mandate sets the bank 4 clear priorities, to:
- support our most promising businesses in the Industrial
Strategy priority sectors to scale and stay here
- make finance markets work better for smaller businesses
- unlock the potential in people and places
- mobilise institutional capital at scale
The British Business Bank's economic capital limit has been
increased by £10.3 billion to £25.6 billion, of which £8 billion
is represented by guarantees and the balance by loans and equity
investments.
