Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he has taken steps to ensure that public investment in Kraken Technologies cannot be used to facilitate dividend payments by Octopus Energy.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the potential impact of investment in Kraken Technologies on competition within the UK energy software market.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether Octopus Energy’s compliance with capital requirements was considered when approving investment in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: Gideon Amos (Liberal Democrat - Taunton and Wellington)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the adequacy of the performance of Royal Mail delivery services in Wellington, Somerset; what steps Royal Mail is taking to increase staffing levels and improve delivery times in that area; and what steps Royal Mail is taking to ensure the timely delivery of medical correspondence and other essential items.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Ofcom, as the independent regulator of postal services, has powers to investigate and take enforcement action should Royal Mail fail to achieve its obligations without good justification. It is for Royal Mail, as an independent business, to determine the appropriate staffing levels it needs to meet its universal service obligation.
Additionally, the government recognises the importance of timely delivery of NHS letters. Royal Mail has introduced an NHS barcode to assist NHS units that continue to rely on post to communicate with patients.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Department for Business and Trade’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he made an assessment of the adequacy of the availability of private‑sector investment for Kraken Technologies before providing funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether his Department assessed Kraken Technologies’ financial position and capital-raising capacity prior to approving funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the financial risks associated with investing in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what valuation of Kraken Technologies was used when determining the investment.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: Al Pinkerton (Liberal Democrat - Surrey Heath)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment has been made of how recent levels of insolvencies in the UK road haulage sector compare with those during the 2008 financial crisis.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
There has been a change to industry classifications between these two periods, but the statistics are broadly comparable. Estimated numbers of companies with the Standard Industrial Classification (SIC) 2003 code 49410 (Freight transport by road) and SIC 2007 code 6024 (Freight transport by road) that entered insolvency in the UK in calendar years 2008 to 2011 and 2022 to 2025 are presented in the tables below.
Calendar Year | Companies Entering Insolvency (SIC 2003 Code 49410 – Freight Transport by Road and SIC 2007 Code 6024 - Freight Transport by Road) |
2008 | 412 |
2009 | 442 |
2010 | 331 |
2011 | 351 |
Calendar Year | Companies Entering Insolvency (SIC 2007 Code 6024 - Freight Transport by Road) |
2022 | 411 |
2023 | 503 |
2024 | 471 |
2025 | 401 |
Asked by: Helen Maguire (Liberal Democrat - Epsom and Ewell)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, when he expects to receive the outcome of the Personal Insolvency Review.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Personal Insolvency Review is the most significant review of the personal insolvency framework in England and Wales since the introduction of the current regime in 1986. The review is ongoing, and the Government expects to finalise options for reform in the coming months.
Any proposed reforms to the personal insolvency regime will be subject to public consultation.