British Business Bank response to package of measures announced at the International Investment Summit
Yesterday 14th October, at the International Investment Summit, the Chancellor of the Exchequer and Secretary of State for Business and Trade announced a package of measures to drive economic growth and reform of the British Business Bank. This includes the announcement that the British Business Bank will establish the British Growth Partnership investment vehicle, subject to regulatory approval, encouraging more UK pension fund investment into the UK’s fastest growing, most innovative companies.
Louis Taylor, CEO, British Business Bank has welcomed this announcement noting that by unlocking hundreds of millions of pounds of domestic investment for the UK’s high growth businesses through the creation of the British Growth Partnership, the UK can capture the full commercial potential of its world class breakthrough technology companies, providing a legacy for future generations of pensioners.
The Bank also welcomed the announcement to implement a set of reforms to the British Business Bank’s financial framework by putting the Bank’s £7.9bn commercial programmes on a permanent footing. This means the Bank can flexibly re-invest its investment returns over the long term to increase growth and prosperity across the UK.
Alongside this announcement, the Bank welcomes the transformation of the UK Infrastructure Bank to become the National Wealth Fund and we look forward to working in close partnership with the National Wealth Fund to deliver the Government’s missions and Industrial Strategy.
These reforms are a strong endorsement of the British Business Bank’s 10-year track record, market access and capabilities as the UK’s largest domestic investor in venture and venture growth capital and the most active late-stage investor in UK life sciences and deeptech.
For more information, visit the British Business Bank’s website
