Leasehold scandal 'can be prevented in future'
First Minister Eluned Morgan acknowledged that leaseholders who faced long-running issues with estate management charges are 'struggling' and told Senedd members that housing secretary Jayne Bryant will set out the Welsh Government's response to the petitions committee's recommendations in July.
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Rhyl Journal
17 minutes ago
- Rhyl Journal
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: — 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.'
Western Telegraph
27 minutes ago
- Western Telegraph
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: — 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.'
Reuters
an hour ago
- Reuters
UK backs advanced manufacturing, clean energy in ten-year industrial plan
LONDON, June 23 (Reuters) - Britain aims to cut the electricity bills of thousands of companies from 2027, the key reform in its industrial strategy for the next decade, which it published on Monday, opens new tab. The main parts of its plan are below. Investment of up to 2.8 billion pounds ($3.76 billion) in R&D programmes over the next five years to spur innovation, automation, digitisation and commercialisation. Britain is targeting at least a doubling of current investment levels across the clean energy industries to over 30 billion pounds per year by 2035. Establish a 150 million pound growth fund and financial support for screen, music, and video games. Make Britain one of the world's top three life sciences economies through reforms and investment, including up to 600 million pounds for a Health Data Research Service to create an advanced, secure, and AI ready health data platform. The government said it was including the sector in a national industrial plan for the first time as it seeks to build on the UK's strengths in areas such as accountancy, legal services and management consultancy. It said it would help fund the adoption of artificial intelligence, negotiate with other governments for mutual recognition of professional qualifications to boost exports and launch five new professional business services hubs in England and Scotland. Britain wants to become one of the top three places in the world for developing technology businesses, promising reforms to boost R&D and skills, improve regulation and collaborate more closely with the private sector and other nations. It said it would prioritise frontier technologies such as advanced connectivity, artificial intelligence, cyber security, engineering biology, quantum technologies and semiconductors. Britain said it planned to cooperate more with the European Union on energy and carbon pricing to remove red-tape, making it easier for business to trade and enabling investment in projects in the North Sea. "We will both explore the UK's participation in the EU's internal electricity market and continue technical regulatory exchanges on new energy technologies," the strategy said. ($1 = 0.7437 pounds)
