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Investments are supporting over 802,000 jobs across
all nations and regions of the UK
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Government is unlocking the financial firepower of the
institutions by increasing their investment
potential by more than £80 billion, supporting
key priorities of the Modern Industrial
Strategy
Four of Britain's key public finance institutions
(PuFins) that are backing businesses and projects
across the UK have made at least
£50 billion of investments over the last two
years, supporting or sustaining around 802,000 jobs.
Business Secretary outlined the major economic
impact today at an event in Central
London organised by UKEF to mark one year since
the launch of the Modern Industrial Strategy. It
was attended by Chief Secretary to the Treasury
, business leaders and
leaders of the four institutions: UKEF, British Business Bank,
National Wealth Fund and Innovate UK.
Since July 2024, the government has unlocked
an additional £80 billion of financial
capacity across the four organisations, increasing their combined
firepower to £193 billion to support long-term investment and
economic growth.
PuFins work to provide businesses with a coherent and
complementary package of support throughout their growth journey.
By combining expertise and capabilities across
innovation, access to finance, investment and exports,
they help businesses start, scale, invest, innovate and
reach international markets.
UKEF CEO, Tim Reid said:
UK Export Finance plays a central role alongside our
fellow public finance institutions in supporting
British exporters of all sizes,
unlocking investment and driving long-term economic
growth.
Over the last two years, UKEF committed over £25
billion in financing
and has increased its lending and
guarantee capacity to £130 billion.
With our refreshed mandate, we will work even more closely with
our partners to combine our expertise and financing, helping
deliver the Industrial Strategy and create new opportunities for
businesses in every part of the country.
British Business Bank CEO, Louis Taylor
said:
Over the last two years we've made a huge impact;
backing new specialist fund managers, co-investing in
early-stage companies and supporting strategically
important businesses to help priority sectors scale and succeed
in the UK.
We are the largest investor in UK venture and venture growth
capital funds and our direct equity portfolio is
backing more than 50 high-growth companies, investing over £600m
into some of the UK's fastest-growing science and technology
scale-ups.
National Wealth Fund CEO, Oliver
Holbourn said:
We are committed to making it easy for businesses and projects to
succeed, ensuring they receive timely help, guidance and finance
by working with our partner public finance institutions to
identify and develop the best opportunities. So far we have
committed over £10bn to unlock the UK's future, and we will build
on that momentum by driving investment across the breadth of the
UK.
Innovate UK CEO, Tom Adeyoola said:
The UK is one of the best places in the world to innovate, and
the increased capacity across the Public Financial Institutions
creates a significant opportunity for ambitious businesses. By
bringing together expertise in innovation,
investment, finance and exports, we are helping
companies access the support, partnerships and
capabilities they need to turn breakthrough ideas into commercial
success and scalable businesses.
Together, we are building belief in the UK as a world-leading
place to start, scale and stay, helping innovative
businesses unlock investment, reach new markets and
drive growth across the economy.
One year on from the launch of the Modern Industrial Strategy,
Britain has attracted more than £380 billion in
private sector commitments and £38 billion of
export announcements have been secured across key
sectors.
Today's event follows the announcement of a
new joint business support scheme by UKEF and the British
Business Bank that will significantly increase access to finance
for thousands of small and medium-sized businesses so they can
grow their exports.
Launching in spring next year, it will target support at the many
SMEs with genuine export ambitions who too often struggle to
access the finance they need to act on them.
