Source · Select Committees · Treasury Committee
Recommendation 7
7
Accepted in Part
Outline collaboration among public financial institutions and re-examine merging British Business Bank and NWF.
Recommendation
The new NWF strategy must explicitly state how those public financial institutions will work together to ensure that businesses that are scaling up can seamlessly obtain support without gaps or duplication. The Treasury should re-examine the potential merits of merging the British Business Bank and the National Wealth Fund. The Treasury must also better publicise the Office for Investment to ensure that it works effectively as a one-stop advice shop for businesses. (Recommendation, Paragraph 42)
Government Response Summary
The government strongly agrees public financial institutions must collaborate, citing the Public Investment Roundtable and a 'no wrong door' approach; it also commits to raising the Office for Investment's profile through marketing campaigns, but does not address re-examining a merger of the British Business Bank and National Wealth Fund.
Government Response
Accepted in Part
HM Government
Accepted in Part
The government strongly agrees that public financial institutions must work together to ensure businesses can access support seamlessly with no gaps or duplication. To drive this, the government established the Public Investment Roundtable (PIR) (formerly the Strategic Public Investment Forum), chaired by the HM Treasury Second Permanent Secretary. This brings together CEOs of all major public investment bodies regularly to ensure effective collaboration by strengthening handovers, closing support gaps and coordinating market offers. We have already begun to see a step-change in collaboration across these institutions. At the Regional Investment Summit, CEOs of UK public investment bodies issued a joint statement reaffirming their shared commitment to delivering the government’s regional growth and investment agenda. The government also published an overview of the UK public investment landscape to help businesses understand the landscape. Alongside this, public investment bodies are providing substantial new support for scale-ups. As set out in their Five-Year Strategic Plan, the British Business Bank (BBB) will invest at least £5 billion in growth-stage funds and scaling companies. This includes supporting at least ten new to market growth-stage funds over the next five-years. The government examined the merits of merging public financial institutions as part of its review of the landscape. This concluded the landscape is well-positioned to deliver government priorities, with opportunities to enhance impact through improved coordination. The UK’s public financial institutions engage regularly at all levels and work closely with the wider landscape through the PIR. The PIR is embedding a ‘no wrong door’ approach across relevant investment bodies by improving referral processes to ensure businesses and projects receive appropriate support without delay. It is also strengthening collaboration among public investment bodies to deliver joined-up assistance for projects requiring involvement from multiple institutions. To support this, the government is raising the Office for Investment’s (OfI) profile to maximise its effectiveness as a concierge service. HM Treasury is working closely with the OfI to refine its marketing strategy and reinforce the UK’s position as the world’s leading investment destination. The OfI is also partnering with the Department for Business and Trade’s GREAT campaign on paid investor campaigns that showcase the UK’s strengths in priority sectors. The first two campaigns—focused on digital and technologies and financial services—will launch in January to March 2026, targeting investors in priority markets.