British Business Bank invests in entrepreneurs in £6.6bn funding commitment
The UK Government's development bank has revealed the investment plans as part of Sir Keir Starmer's 10-year industrial strategy announcement.
On Monday, the Prime Minister said he will cut electricity costs for thousands of businesses as part of the strategy, in a bid to help accelerate economic growth.
The British Business Bank has seen its total financial capacity grow to £25.6 billion since the most recent spending review.
🆕 The Government has confirmed £6.6bn of new capital for the British Business Bank to boost growth.
A new £4bn initiative, British Business Bank Industrial Strategy Growth Capital, will be invested across eight growth-driving sectors.
Read more: https://t.co/jFoWcP8vKp
— British Business Bank (@BritishBBank) June 23, 2025
It has said its latest £6.6 billion investment commitment will particularly help the rapid growth of small business across the UK.
The Government said £4 billion will be invested through the new Industrial Strategy Growth Capital initiative, focusing on eight target sectors including advanced manufacturing, clean energy, digital, and life sciences.
A further £2.6 billion will be aimed at supporting entrepreneurs across the UK, providing funds to help address regional funding gaps.
Louis Taylor, chief executive of the British Business Bank, said: 'We welcome today's announcement by the secretary of state to deliver British Business Bank industrial strategy growth capital, as well as the reforms to the Bank's governance and financial framework.
'Using our market expertise and reach, we have a critical role to play in supporting smaller businesses in the eight growth-driving sectors to grow and stay in the UK.
'To deliver the Government's growth mission it is also critical that our most promising entrepreneurs can access the finance they need to grow their businesses, no matter what their background or where they are located across the nations and regions of the UK.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
an hour ago
- Telegraph
King meets Zelensky ahead of Nato summit
The King has met with Volodymyr Zelensky ahead of a crunch Nato summit in The Hague. The monarch welcomed the Ukrainian president to Windsor Castle on Monday before they had lunch together. The pair, who last met on March 2, were pictured chatting as they made their way through the castle's Grand Corridor, the King wearing a grey suit and Mr Zelensky in his trademark black clothing. The audience came ahead of Mr Zelensky's afternoon meeting with Sir Keir Starmer, the Prime Minister, in London. Mr Zelensky said he expected to discuss his country's defences and new ways to increase pressure on Russia ahead of the Nato summit on Tuesday. His arrival in the UK followed reports that Russia had fired 352 drones and 16 missiles at Ukraine overnight, killing at least 10 civilians including seven in Kyiv. The King met with Mr Zelensky earlier this year at Sandringham House, Norfolk, where they posed briefly for photos before taking tea in the property's Saloon room. The hour-long audience came after the Ukrainian leader attended a defence summit on Ukraine in London. The meeting came at a time of huge political turmoil, during which the Government increasingly leant on the Royal family to deploy its unique brand of soft diplomacy. Mr Zelensky had arrived in the UK just hours after his angry clash with Donald Trump at the White House, during which the US president warned that he was 'gambling with World War Three'. The pair previously met at Buckingham Palace during Mr Zelensky's surprise visit to the UK in February 2023. They also shook hands and had a private summit at the European Political Community summit in Oxfordshire in July 2024.
South Wales Guardian
an hour ago
- South Wales Guardian
Stopping Iran's nuclear programme ‘a good thing', says Downing Street
A Number 10 spokesman said the Government's focus remained on securing a diplomatic solution in the wake of the American attack against Iran's nuclear programme over the weekend. He said: 'We're clear that the prevention of Iran getting nuclear weapons is a good thing for this country. 'But our focus is on diplomacy. That is the priority and that is what every member of this Government is working towards and that's been the focus of the calls with international partners over the weekend.' But asked whether the strikes had breached international law, the spokesman declined to comment, citing the 'long-standing position' that the Government does not disclose the content of legal advice. Earlier, Foreign Secretary David Lammy urged Iran to take a diplomatic 'off-ramp' and engage in talks, as he cautioned Tehran against blockading the Strait of Hormuz or attacking US bases in the Middle East. Questions are being asked about whether the shipping channel or oil exports through it could be blocked amid the tensions. Important discussion with @SecRubio this evening on the situation in the Middle East. We will continue to work with our allies to protect our people, secure regional stability and drive forward a diplomatic solution. — David Lammy (@DavidLammy) June 22, 2025 Speaking to BBC Breakfast on Monday morning, Mr Lammy said he had been 'crystal clear' that 'it would be a huge, catastrophic mistake to fire at US bases in the region at this time. We have forces in the region at this time. 'It would be a catastrophic mistake. It would be a mistake to blockade the Strait of Hormuz.' He said he thinks his counterpart 'gets that and understands that'. The UK has been pressing for Iran to engage in negotiations and diplomacy over the issues, and Mr Lammy told the same programme: 'Let's take the diplomatic off-ramp. Let's get serious and calm this thing down.' Mr Lammy is expected to address MPs in the Commons about the situation on Monday. Prime Minister Sir Keir Starmer warned on Sunday that there is a risk of the crisis escalating beyond the Middle East, telling reporters 'that's a risk to the region. It's a risk beyond the region, and that's why all our focus has been on de-escalating, getting people back around to negotiate what is a very real threat in relation to the nuclear programme.' Sir Keir spoke to US President Donald Trump on Sunday, and Downing Street said the leaders agreed Tehran must not be allowed to develop a nuclear weapon and called for Iran to return to negotiations. The conversation came after the air raid by American B-2 stealth bombers and a salvo of submarine-launched missiles hit Iran's nuclear facilities. 'They discussed the actions taken by the United States last night to reduce the threat and agreed that Iran must never be allowed to develop a nuclear weapon,' Downing Street said. Mr Lammy declined to say on Monday whether the US military action was legal, but added: 'I don't say it's not legitimate'. During an interview on BBC Radio 4's Today programme, it was put to him that it was extraordinary he could not answer the question as critics argue Iran is also a sovereign nation which was attacked without warning. He said: 'I don't think it is extraordinary because this was not the UK's action, we were not involved, we were clear when this began and Israel's attacks began that we were not involved… so I don't say it's not legitimate, but I can tell you as Foreign Secretary that we were not involved.' Chancellor Rachel Reeves was asked about the legality of the strikes as she visited the West Midlands, and said: 'It is up to the US to make that case. We were not involved in these actions and, of course, we would never comment on the legal advice that the Government receives.' — Donald J. Trump (@realDonaldTrump) June 21, 2025 Mr Lammy also suggested that the action by Mr Trump 'may well have set back Iran several years'. He told the same BBC radio programme that the US president's rhetoric was 'strong' but that strikes had been 'targeted' to 'deal with Iran's nuclear capability'. The Foreign Secretary later added: 'Donald Trump made a decision to act to degrade that capability. It may well have set back Iran by several years. That was a decision that he took.' Liberal Democrat leader Sir Ed Davey has called on the Prime Minister to address the Commons about the situation in the Middle East. He called Mr Trump's strikes a 'seismic moment' and added: 'UK ministers are dodging questions on whether they support these strikes, and failing to guarantee that we won't be dragged into another illegal American war in the Middle East. 'The Prime Minister has not even spoken once in the Commons since this crisis began. He needs to come to Parliament today, update the country on where the UK stands and what he is doing to ensure the situation does not escalate any further.' Overnight, Mr Trump called the future of the Iranian regime into question, posting on his TruthSocial platform: 'It's not politically correct to use the term, 'Regime Change,' but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change???' It appeared to be a different approach to that of his defence secretary Pete Hegseth, who had said on Sunday that 'this mission was not and has not been about regime change'.
The Guardian
an hour ago
- The Guardian
UK walks diplomatic tightrope over Trump's attack on Iran
Pippa Crerar and Kiran Stacey discuss how Keir Starmer's government is responding to the US president's decision to launch attacks on Iranian nuclear sites. What might happen next? And what could it mean for the UK and the world?
