The British Business Bank is to hand major investment to UK entrepreneurs as part of a £6.6 billion commitment to support innovation and industry.
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.
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.”
