Source · Select Committees · Science, Innovation and Technology Committee
Recommendation 21
21
Not Addressed
The Government should establish a series of regional branches of the British Business Bank, with...
Recommendation
The Government should establish a series of regional branches of the British Business Bank, with a substantial presence on the ground in undercapitalised regions, to ensure that the Bank’s policies are aligned with the needs of innovative businesses across the UK. (Recommendation,Paragraph 74)
Government response summary AI-generated
The government states it 'partially agrees' but then discusses local growth plans, university-industry collaboration, and skills strategies, explicitly stating it will 'not commit to a Regional Graduate Retention Strategy' which was not the recommendation. The response does not address the recommendation to establish regional branches of the British Business Bank.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
The government partially agrees with the recommendation. We recognise the importance of ensuring that access to finance reflects the needs of innovative businesses in every part of the UK. The British Business Bank (BBB) operates a substantial regional presence through its Nations and Regions Investment Funds, which work with capital allocators embedded locally to deliver debt, guarantees, and equity finance to SMEs. To date, BBB has dedicated £1.6 billion of funding across the nations and regions to ensure companies across the UK are able to access the capital they need to scale and grow. These Nations and Regions Investment Funds provide micro-loans, debt, and equity products, ensuring businesses can access the finance they need regardless of location, and enabling BBB to maintain a strong on-the-ground presence across the UK. The BBB is now adding further resources: • £350 million for new East and South-East Investment Funds, expanding BBB’s footprint into these regions and strengthening access to early-stage and growth finance • An additional £100 million supporting ten, high-potential innovation clusters across the UK. Together, these programmes address the issue identified by the Committee’s recommendation, without the need for branded regional branches, ensuring that the Bank’s policies remain closely aligned with business needs across all nations and regions of the UK.
Read the full response on Parliament ↗