Source · Select Committees · Business and Trade Committee
Recommendation 14
14
Accepted in Part
Complex public finance institutions would benefit from a single access point for businesses.
Conclusion
The UK has a complex system of public finance institutions. We accept that different businesses, depending on where they are on their journey, will need different types of financial support. However, our view is that there would be merit in providing a single front door for companies looking for government support. (Conclusion, Paragraph 78)
Government Response Summary
The government agrees on the importance of public finance and commits to strengthening coordination across public finance institutions via a new UK Strategic Public Investment Forum. This Forum will bring together key bodies to improve clarity for businesses and investors and facilitate investment in Industrial Strategy sectors.
Government Response
Accepted in Part
HM Government
Accepted in Part
9.1. The Government agrees that public finance has an ability to crowd-in private investment into key sectors and places, which is crucial for firms starting and scaling; and for increasing productivity growth across the UK economy. We must leverage the state’s ability to pool risk, provide long-term stability and create positive conditions for investment to facilitate the growth of the IS-8 sectors and boost the availability of capital for UK firms. 9.2. The Government and PuFIns are committed to strengthening coordination across the landscape via the new UK Strategic Public Investment Forum, ensuring PuFIns’ roles are complementary and distinct to make the landscape clearer for business and investors looking for support. The Forum will bring together the National Wealth Fund, British Business Bank, UK Export Finance, Innovate UK, Great British Energy, Homes England, and the Crown Estate, with a focus on coordination and collaboration to deliver investment to drive progress on the Industrial Strategy, as well as broader Growth and Clean Energy missions.