Source · Select Committees · Business and Trade Committee
Recommendation 15
15
Accepted in Part
Consolidate public finance institutions into a single body to simplify business support.
Recommendation
We recommend, in line with the Harrington review, that the Government should consolidate the public finance institutions, especially the National Wealth Fund and the British Business Bank, preferably into a single body to simplify the system for business and investors looking for government support, together with the reforms we set out below. (Recommendation, Paragraph 79)
Government Response Summary
The government agrees on the importance of public finance but does not commit to consolidating public finance institutions into a single body. Instead, it commits to strengthening coordination and clarity through a new UK Strategic Public Investment Forum.
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.