1st Report - Investing in the UK economy

Businesses make investment decisions based on announced policy. The Government should seek to maximise policy stability if it wants to achieve the highest level of growth in the G7. (Conclusion, Paragraph 18)

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We recommend that the Government accelerates the review announced in the Industrial Strategy of department and arm’s-length body responsibilities and completes it by the end of June 2026. This review should specifically consider how to accelerate growth by transforming business … Read more We recommend that the Government accelerates the review announced in the Industrial Strategy of department and arm’s-length body responsibilities and completes it by the end of June 2026. This review should specifically consider how to accelerate growth by transforming business access to finance. (Recommendation, Paragraph 38) Show less

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We recommend that the Office for the Impact Economy publish a strategy and a framework for assessing its activities and performance. It should commence publishing an annual report setting out its progress. (Recommendation, Paragraph 47) Helping UK businesses seek investment Read more We recommend that the Office for the Impact Economy publish a strategy and a framework for assessing its activities and performance. It should commence publishing an annual report setting out its progress. (Recommendation, Paragraph 47) Helping UK businesses seek investment Show less

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We recommend that the Government now publish a clear metric which can be used to evaluate the Business Growth Service success in communicating business finance options. We recommend that the first results of this are published within 12 months of … Read more We recommend that the Government now publish a clear metric which can be used to evaluate the Business Growth Service success in communicating business finance options. We recommend that the first results of this are published within 12 months of its establishment. (Recommendation, Paragraph 59) Show less

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We recommend that the Government publishes a benchmarking study of the UK Business Growth Service compared to international best practice. (Recommendation, Paragraph 60)

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We recommend that the Government use the Procurement Act 2023 to trigger a transformation of culture across Government in supporting UK business in general and High Growth Firms in particular. This is particularly important for the Ministry of Defence and … Read more We recommend that the Government use the Procurement Act 2023 to trigger a transformation of culture across Government in supporting UK business in general and High Growth Firms in particular. This is particularly important for the Ministry of Defence and the Department for Health and Social Care because their spending power is so significant. (Recommendation, Paragraph 67) Show less

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We recommend strong performance monitoring frameworks are established to ensure success in maximising public procurement from UK SMEs and the nation’s High Growth Firms. (Recommendation, Paragraph 68) 120

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We recommend that the Government establish comparable benchmarks that can be used to monitor performance over time against targets. Performance should be reported to Parliament annually, with both individual departments and the Government as a whole reporting the proportion of … Read more We recommend that the Government establish comparable benchmarks that can be used to monitor performance over time against targets. Performance should be reported to Parliament annually, with both individual departments and the Government as a whole reporting the proportion of their procurement spend that goes to SMEs. Each department should set out what steps they are taking to improve performance when targets are not met. Performance measures and targets should include all public bodies within each department’s remit. (Recommendation, Paragraph 69) Encouraging UK pension funds to invest in UK businesses Show less

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We recommend that the new Value for Money framework being developed by the Department for Work and Pensions, Financial Conduct Authority and The Pensions Regulator explicitly consider including formal measures designed to ensure greater investment into productive UK assets, supporting … Read more We recommend that the new Value for Money framework being developed by the Department for Work and Pensions, Financial Conduct Authority and The Pensions Regulator explicitly consider including formal measures designed to ensure greater investment into productive UK assets, supporting the Government’s growth mission. (Recommendation, Paragraph 83) Show less

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We recommend the Government keep encouraging action from the signatories of the Mansion House Compact and Accords, and publish reports annually evaluating the impact of the agreements. This will provide visibility of whether further measures are required. (Recommendation, Paragraph 85) Read more We recommend the Government keep encouraging action from the signatories of the Mansion House Compact and Accords, and publish reports annually evaluating the impact of the agreements. This will provide visibility of whether further measures are required. (Recommendation, Paragraph 85) Show less

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The Government should assess the scale of the pipeline of ‘term-sheet ready’ investment propositions that now needs to be developed to absorb the potential scale of new pension fund-led investment. The Office for Investment should work proactively with departments, Mayoral … Read more The Government should assess the scale of the pipeline of ‘term-sheet ready’ investment propositions that now needs to be developed to absorb the potential scale of new pension fund-led investment. The Office for Investment should work proactively with departments, Mayoral Strategic Authorities (MSA) and local authorities to develop this pipeline, where necessary seconding staff to departments, MSA’s and local councils to help boost the capacity needed to develop these proposals. The Government 121 should within six months publish a pipeline of term-sheet ready propositions categorised by sector, region and scale, and should update this annually. (Recommendation, Paragraph 86) UK equity markets Show less

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The Government should carry out a post-implementation review of reforms to the London Stock Exchange and Alternative Investment Market within 12 months of implementation to identify a second wave of reforms to reduce regulations, costs and audit burdens and stimulate … Read more The Government should carry out a post-implementation review of reforms to the London Stock Exchange and Alternative Investment Market within 12 months of implementation to identify a second wave of reforms to reduce regulations, costs and audit burdens and stimulate new listings. The review should contain clear metrics—such as IPO volumes, listings costs, retail participation rates and delistings—which will allow us to examine progress in future scrutiny activities. (Recommendation, Paragraph 96) Show less

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We recommend that HM Treasury review all its targeted fiscal instruments for stimulating pension fund investment in productive UK assets to evaluate that they are working as intended and assess the scope for further instruments to be deployed. For example, … Read more We recommend that HM Treasury review all its targeted fiscal instruments for stimulating pension fund investment in productive UK assets to evaluate that they are working as intended and assess the scope for further instruments to be deployed. For example, if a restored form of dividend credit for pension schemes holding UK equities could provide a cost- effective means of stimulating growth. (Recommendation, Paragraph 103) Show less

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We recommend that the Government commission and publish a dynamic costing of the options for restoring some form of dividend tax relief for pension funds investing in UK equities—including a targeted, partial restoration applying to DC default funds—alongside an analysis … Read more We recommend that the Government commission and publish a dynamic costing of the options for restoring some form of dividend tax relief for pension funds investing in UK equities—including a targeted, partial restoration applying to DC default funds—alongside an analysis of the likely impact on domestic equity allocation and the consequent effect on tax revenues. This analysis should be laid before Parliament by the next Budget. (Recommendation, Paragraph 104) Show less

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The Government should publish an evaluation of the net benefits of: (a) exempting ISAs from Stamp Duty Reserve Tax (SDRT); (b) a permanent holiday for newly-listed companies rather than the three-year temporary 122 relief in the 2025 Budget; and (c) … Read more The Government should publish an evaluation of the net benefits of: (a) exempting ISAs from Stamp Duty Reserve Tax (SDRT); (b) a permanent holiday for newly-listed companies rather than the three-year temporary 122 relief in the 2025 Budget; and (c) abolishing SDRT for UK firms listed on UK equity markets and equalising the treatment of domestic and international investment. (Recommendation, Paragraph 105) Show less

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We recommend that the Government publish within six months a feasibility assessment for an investment savings account, with similar features to the Swedish ISK model, that maximises ease of use for customers with the aim of encouraging them to invest … Read more We recommend that the Government publish within six months a feasibility assessment for an investment savings account, with similar features to the Swedish ISK model, that maximises ease of use for customers with the aim of encouraging them to invest in UK equities. The assessment should cover tax treatment, eligible assets, UK equity-weighting requirements and an estimate of retail savings that could be mobilised over ten years. (Recommendation, Paragraph 110) Private banks and credit institutions Show less

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We recommend HM Treasury conclude its consultation on the Bank Referral Scheme forthwith and that significant improvements are made to it by the time of the next Budget. The Scheme should be fully integrated with other business finance support schemes, … Read more We recommend HM Treasury conclude its consultation on the Bank Referral Scheme forthwith and that significant improvements are made to it by the time of the next Budget. The Scheme should be fully integrated with other business finance support schemes, to ensure that businesses are supported right from the start of their growth journey and not only after they have had their first application for finance rejected. We also recommend that HM Treasury collect and publish updated data so that progress on improving the Bank Referral Scheme can be checked. (Recommendation, Paragraph 126) Show less

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We recommend that the Government consult on a comprehensive Open Finance framework based on the model of Open Banking, and covering the gamut of financial data relevant to SME credit assessment. The redesigned 123 Bank Referral Scheme should be built … Read more We recommend that the Government consult on a comprehensive Open Finance framework based on the model of Open Banking, and covering the gamut of financial data relevant to SME credit assessment. The redesigned 123 Bank Referral Scheme should be built on this infrastructure so that referrals carry real-time business data, enabling faster and more accurate lending decisions. (Recommendation, Paragraph 128) Show less

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We repeat our recommendation that the Government should build a business support service that is fit for the long term, like the US Small Business Administration. It should combine these services with arrangements for transforming access to finance, export finance, … Read more We repeat our recommendation that the Government should build a business support service that is fit for the long term, like the US Small Business Administration. It should combine these services with arrangements for transforming access to finance, export finance, public procurement, skills, export support services, and general business advice. It should study best practice internationally and present a White Paper to Parliament with the design of a service that matches the challenge. (Recommendation, Paragraph 135) Show less

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The Government’s Growth Guarantee Scheme is an important intervention that supports UK businesses and helps them grow without requiring immediate additional funding. We recommend that as a first step the Government: (a) doubles the size of the growth guarantee scheme; … Read more The Government’s Growth Guarantee Scheme is an important intervention that supports UK businesses and helps them grow without requiring immediate additional funding. We recommend that as a first step the Government: (a) doubles the size of the growth guarantee scheme; (b) sets out a specific multi-year path to match the scale of publicly-backed US and Germany loan guarantee levels; (c) increases the maximum loan size from £2 million to £5 million; and (d) makes the scheme permanent rather than extending to 2030. (Recommendation, Paragraph 137) Show less

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We recommend that the Government commission from Post Office Ltd a review of the criteria used for hubs and a plan to increase the number of the Post Office’s 11,500 branches that can provide banking services, to maximise 124 access … Read more We recommend that the Government commission from Post Office Ltd a review of the criteria used for hubs and a plan to increase the number of the Post Office’s 11,500 branches that can provide banking services, to maximise 124 access across the UK. Analysis suggests that trebling the Government’s plans for 350 banking hubs would facilitate £178 million of extra services a year. (Recommendation, Paragraph 139) Show less

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In order to encourage the UK’s banks to engage effectively in resolving the challenge of banks not meeting the finance needs of local communities, we recommend that the Government issues proposals for consultation on introducing an equivalent to the US … Read more In order to encourage the UK’s banks to engage effectively in resolving the challenge of banks not meeting the finance needs of local communities, we recommend that the Government issues proposals for consultation on introducing an equivalent to the US Community Reinvestment Act to encourage banks to act. (Recommendation, Paragraph 140) How the UK’s public finance institutions support investment Show less

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The Government should regularly review the new Financial Transaction Control Framework to ensure that support to UK businesses is optimised, by putting the right balance sheets behind the right institutions to maximise growth, while still maintaining appropriate financial controls. (Recommendation, … Read more The Government should regularly review the new Financial Transaction Control Framework to ensure that support to UK businesses is optimised, by putting the right balance sheets behind the right institutions to maximise growth, while still maintaining appropriate financial controls. (Recommendation, Paragraph 148) Show less

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The Government should review the process by which firms claim R&D tax credits. We repeat our recommendation that the Government reintroduce the previous 28-day target for processing R&D tax claims. It should also widen the eligibility criteria so as to … Read more The Government should review the process by which firms claim R&D tax credits. We repeat our recommendation that the Government reintroduce the previous 28-day target for processing R&D tax claims. It should also widen the eligibility criteria so as to include Arts, Humanities, and Social Sciences research within its scope. (Recommendation, Paragraph 154) Show less

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Based on analysis of comparator countries, the Government should set a more ambitious long-term goal for growing the financial capacity of the British Business Bank. As a priority, HM Treasury should publish a cost benefit analysis of quadrupling the funding … Read more Based on analysis of comparator countries, the Government should set a more ambitious long-term goal for growing the financial capacity of the British Business Bank. As a priority, HM Treasury should publish a cost benefit analysis of quadrupling the funding for loan guarantee products offered by the British Business Bank, to determine the business case for expansion. (Recommendation, Paragraph 159) Show less

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UK Export Finance has more than three times more financial capacity than the British Business Bank. We recommend that HM Treasury justifies the rationale for this and explains whether a re-allocation of this financial capacity to the British Business Bank … Read more UK Export Finance has more than three times more financial capacity than the British Business Bank. We recommend that HM Treasury justifies the rationale for this and explains whether a re-allocation of this financial capacity to the British Business Bank would be better for growth. (Recommendation, Paragraph 160) Show less

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We recommend that the Government report annually on the activities of the Office for Investment, including the deals supported, the outcomes achieved and the lessons learned from the challenges encountered in closing new investments. (Recommendation, Paragraph 176) Read more We recommend that the Government report annually on the activities of the Office for Investment, including the deals supported, the outcomes achieved and the lessons learned from the challenges encountered in closing new investments. (Recommendation, Paragraph 176) Show less

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We recommend that the Office for Investment or HM Treasury publish an annual statement which explains the capital allocation decisions, including its methodology, between the UK’s public finance institutions and show clearly how this allocation maximises the UK’s growth potential. … Read more We recommend that the Office for Investment or HM Treasury publish an annual statement which explains the capital allocation decisions, including its methodology, between the UK’s public finance institutions and show clearly how this allocation maximises the UK’s growth potential. (Recommendation, Paragraph 181) Show less

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The Government should advance the British Business Bank’s British Growth Partnership to create a UK scheme that match both the design and scale of the French Tibi system. (Recommendation, Paragraph 197)

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The Government should set a clear ten-year ambition for tripling the size of assets under management in the UK venture capital industry. We recommend that the requirements and thresholds for Venture Capital Trusts be updated to fully reflect both inflation … Read more The Government should set a clear ten-year ambition for tripling the size of assets under management in the UK venture capital industry. We recommend that the requirements and thresholds for Venture Capital Trusts be updated to fully reflect both inflation and current needs. (Recommendation, Paragraph 200) Show less

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The Government should comprehensively review tools employed by other countries to drive greater venture capital investment, to identify best practice that can be transferred to the UK. (Recommendation, Paragraph 201)

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The Government should report annually on funds invested by the Sterling 20 group, as well as the destinations of those investments, and the impact of the initiative in equalising investment across the UK. (Recommendation, Paragraph 202)

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The Government should clearly map out the framework of support in place to help finance UK scale-ups, from UK Research and Innovation grants, government procurement support, state-backed venture investment and R&D tax credits. (Recommendation, Paragraph 203) 128 Read more The Government should clearly map out the framework of support in place to help finance UK scale-ups, from UK Research and Innovation grants, government procurement support, state-backed venture investment and R&D tax credits. (Recommendation, Paragraph 203) 128 Show less

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We recommend that the Government revisit the November 2023 university spin-out review to ensure that standardised terms are fair. We recommend the Government publishes an update on progress in a year. This should contain clear measures on deals and terms … Read more We recommend that the Government revisit the November 2023 university spin-out review to ensure that standardised terms are fair. We recommend the Government publishes an update on progress in a year. This should contain clear measures on deals and terms that allow assessment of success to be determined. (Recommendation, Paragraph 206) The UK’s angel investor network Show less

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We recommend that the thresholds for the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme be increased further, to fully reflect inflation to ensure that UK scale-ups can access the finance they need. The Government should consider improving tax … Read more We recommend that the thresholds for the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme be increased further, to fully reflect inflation to ensure that UK scale-ups can access the finance they need. The Government should consider improving tax reliefs for new products that allow firms to leverage their intangible assets, such as data or intellectual property, to secure finance. (Recommendation, Paragraph 217) Diversity challenges for investment access Show less

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We recommend that the British Business Bank regularly report on progress reducing investment inequalities. (Recommendation, Paragraph 229)

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We recommend the Government develop a joint programme with mayors, local authorities and universities to provide roadshow events to promote angel investors. (Recommendation, Paragraph 230)

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We recommend that the Government build a secondment pool of 100–200 staff from HM Treasury, the Department for Business and Trade, and the British Business Bank to place into Mayoral Strategic Authorities and other local bodies. These secondments should have … Read more We recommend that the Government build a secondment pool of 100–200 staff from HM Treasury, the Department for Business and Trade, and the British Business Bank to place into Mayoral Strategic Authorities and other local bodies. These secondments should have an explicit aim of strengthening knowledge of how best to support businesses to raise the 129 finance they need, raising awareness of possible financing options in local bodies and helping MSA’s build a pipeline of ‘term-sheet ready’ investment propositions. (Recommendation, Paragraph 231) Show less

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We recommend that the British Business Bank evaluates differentials in the average interest rates and conditions offered by the private sector between borrowers from different regions, and with different protected characteristics. The British Business Bank should ensure its own rates … Read more We recommend that the British Business Bank evaluates differentials in the average interest rates and conditions offered by the private sector between borrowers from different regions, and with different protected characteristics. The British Business Bank should ensure its own rates and conditions for its lending and guarantees reduce these inequalities as much as possible. (Recommendation, Paragraph 246) Show less

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Investment in the UK is too low. Companies, especially SMEs, struggle to access finance. To match the highest investment rate in the G7, we need to mobilise £180–200 billion in extra investment each year. The Government’s own business bank has estimated that there are 380,000 businesses which want finance but …

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Investors require stability and certainty before committing to long and expensive projects. Much instability has been the result of external or political shocks. But some policy uncertainty has been the result of ministerial decision making. There is scope for the Government to make the policy environment more predictable. (Conclusion, Paragraph …

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In an uncertain world there is a prize for the UK becoming one of the most predictable business environments in the G7. Ministers must try harder to make decisions and stick to them. (Recommendation, Paragraph 23)

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The Government’s Industrial Strategy should help encourage growth and investment in the UK. But it needs to be delivered. This is a whole-of-government endeavour and a strong ‘visible hand’ must coordinate and align the activities of departments and stakeholders. (Conclusion, Paragraph 35) 118

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We repeat our recommendation from June 2025 that the Government prioritises legislation to put the Industrial Strategy Advisory Council on a statutory footing. Given the priority to maximise growth, we do not understand why the Government has not already given this body the powers it needs to deliver. (Recommendation, Paragraph …

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We welcome the Government’s pledge in the Industrial Strategy to review the activities of the UK’s economic institutions and arm’s-length bodies to ensure they are effective and coordinated in support of the Industrial Strategy. This review should be completed as soon as possible. It should explicitly report on how access …

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We are disappointed that progress reports for the Industrial Strategy do not feature a proper performance measurement framework that allows us to measure progress. (Conclusion, Paragraph 41)

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We repeat our recommendation that the Government develop a robust framework for measuring progress in delivering the industrial strategy, with clear metrics and targets for the remainder of this Parliament and the 10- year span of the Strategy. We expect future progress reports to make clear what success looks like …

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We welcome the establishment of the Office for the Impact Economy. We note however that no strategy, annual reports or performance data have yet been published. (Conclusion, Paragraph 46) 119

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Historically, many UK businesses have been averse to raising external finance at the expense of growth. Others have lacked awareness of the financing options available. Government has put in place some tools to provide advice, support, and services to businesses, but we now have a fragmented landscape that hampers effective …

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Government can help transform access to finance by transforming public procurement support for UK businesses. The Procurement Act 2023 and associated reforms are a step in the right direction. However, we are not convinced that individual departmental targets will be effective. Strong performance monitoring arrangements will be needed to ensure …

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The UK has sufficient funds to invest. UK pension funds in particular manage an abundance of capital that could help UK companies grow. Too little of this capital is invested in the UK. We welcome the Government’s efforts to build on the cross-party consensus to encourage pension fund consolidation. However, …

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The Mansion House Compact and Accords to increase investment by UK pension funds in the UK are voluntary agreements, now backed by powers to mandate. (Conclusion, Paragraph 84)

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UK equity markets are simply not providing UK companies with enough of the finance they need to grow. We welcome the reforms that have been made so far but further reform is needed to reverse the relative decline of these markets. (Conclusion, Paragraph 95)

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We acknowledge the Government’s need to raise revenue. We are not convinced however that taxing purchases of shares in UK companies at the current rate is the wisest source. An investor purchasing a share in a UK company currently pays 0.5% in share stamp duty, but pays nothing if purchasing …

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The Government needs to do more to encourage people to invest rather than save their money. We welcome the Invest for the Future campaign, launched in April 2026 but much more needs to be done. The Swedish ISK savings account has been a very effective means of raising savings for …

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The Bank Referral Scheme is a good idea but it is being poorly implemented. Fundamental improvements are required to ensure that the scheme operates at the scale required and is fully used. (Conclusion, Paragraph 125)

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Despite the entrance of new challengers into the UK banking sector, it is clear that UK banks are collectively failing to provide the finance small businesses need to grow. Barriers include high levels of risk aversion and a bias towards maximising short-term profits by lending to larger companies. Challenger banks …

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Over time the UK banking sector has become heavily concentrated and centralised. There may be good business reasons for this evolution, but the result is reduced business access to finance and banking services. Businesses in UK regions are less able to secure finance, pay more when they do, or are …

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The Government, through the British Business Bank, does provide a number of vehicles for channelling finance to SMEs, in particular state-backed loan guarantee schemes. The success of this method in the United States and Germany should tell us something. To match the scale of publicly- backed loan schemes in the …

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It is right that the Government uses every lever it can to increase regional access to finance. With 11,500 branches across the country, Post Office Ltd is well placed to deliver shared business banking and financial advice services to SMEs. We welcome the Government’s pledge to create banking hubs at …

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We welcome the steps the Government has taken to improve the resources of the UK’s public finance institutions. The UK’s institutions are not yet big enough to meet the scale of the investment challenge. (Conclusion, Paragraph 146)

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We welcome the changes to the Financial Transaction Control Framework to facilitate greater investment into the UK private sector by its public finance institutions. It is now essential that ministers start collecting the data needed on the value, risk and performance of its investments to establish the return they generate. …

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The British Business Bank manages a range of programmes that provide valuable support to UK businesses. It plays a vital role helping support private sector investments, and directing investment funds to entrepreneurs and areas that struggle to access finance. We welcome the increase announced to its financial capacity. There is …

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The British Business Bank should strengthen its regional presence, coordinating with other initiatives such as the expansion of Post Office hubs to create a strong regional advice and banking network that businesses across the country can easily access. (Conclusion, Paragraph 161)

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The British Business Bank needs to make every UK business aware of how it can support them. To do so, it should take three steps: a. Opening physical branch offices in a core city in each of the nine Mayoral Strategic Authorities (MSA), co-financed by MSA’s, by June

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The National Wealth Fund provides vital support to maturing UK companies, with its ability to make large investments into firms that need considerable funds to scale up their operations. This support, however, is focused on Industrial Strategy priority sectors, unlike the British Business Bank which aims to broaden access to …

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The Office for Investment is a promising innovation. It should aid the mobilisation of large-scale financial investment in Britain. (Conclusion, Paragraph 175) 126

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If the UK is to raise its investment rate, it is essential that the UK’s High Growth Firms are supported by a system and not forced to navigate their own way through a public finance labyrinth. The Government support arrangements in place have not been optimised to provide the long, …

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The Office for Investment together with the new Business Growth Service should: a. ensure there is a single front door for accessing the full range of their services; b. conduct an annual survey of business to evaluate the products offered by the four public finance institutions and determine whether the …

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We repeat our recommendation that the Government consolidate the UK’s public finance institutions, especially the National Wealth Fund and the British Business Bank, into a single institution to simplify the system for business and investors seeking government support. (Recommendation, Paragraph 184)

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The Office for Investment should develop a case management service for the UK’s 14,300 High Growth Firms to proactively ensure that High Growth Firms are supported effectively by the four public finance institutions, along with other support measures such as R&D tax credits. It should report 127 annually on the …

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To match the relative size of the US venture capital industry as a percentage of GDP, the UK venture capital industry needs to grow threefold. To drive forward this change, the Government needs to grow the supply of capital invested in the UK venture industry from (a) institutional investors and …

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To unlock new opportunities in AI, defence and decarbonisation, we need more venture capital investment not less. European countries are mobilising to fix its scale-up investment challenge. The UK must not be left behind but must now take steps to build on our strength as one of the world’s top …

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The UK already has a well-developed angel investor network, that provides valuable early investment, mentoring and support to thousands of small firms. We welcome the British Business Bank’s attempts to reduce inequalities in angel funding, including the Regional Angels Programme, but inequalities remain. (Conclusion, Paragraph 215)

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The Government offers a range of tax reliefs and incentives to investors and companies to encourage investment, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme. The increase in incentives is welcome but insufficient. Improving the scope, scale and coverage of these reliefs would encourage more investment …

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Starting and growing a business is hard enough, but the Committee is particularly concerned at the additional challenges women, minority ethnic, and disabled entrepreneurs outside London and the South East face in securing the capital they need to grow. The UK risks short-changing our full potential and failing to provide …

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We echo the recommendation of the House of Commons Women and Equalities Committee that the British Business Bank set itself a target of ensuring that no less than 30% of the finance it makes available to UK businesses is allocated to supporting female-led businesses. (Recommendation, Paragraph 245)

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We firmly believe that what gets measured gets managed. We echo the conclusion reached by the Women and Equalities Committee that increasing transparency of the financing and investment gap, through the collection and reporting of equality data, could be a key driver of improvement. (Conclusion, Paragraph 249)

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The British Business Bank, and all UK public finance institutions, should as part of their annual reports publish equality data for all their programmes and initiatives, so that inequalities can be identified and addressed. This data should be broken down by UK regions, company size, gender, disability status and ethnicity. …

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