Gareth Davies

The WebFiling service was successfully reopened at 9am on Monday 16 March after rigorous testing. The testing was done in accordance with best-practice security methodologies by government-approved testers, including external specialists.

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Companies House has written to all companies via the registered email address on a precautionary basis to update them and to advise that they check their registered details and contact Companies House if concerned. This guidance has also been placed on their website and other channels. There is currently no confirmed evidence that any records have been changed.

The British Business Bank has invested £25 million in Wayve as part of a $1.2 billion Series D funding round, at a post-money valuation of $8.6 billion. Additional capital secured in parallel brings the total value of the raise to $1.5 billion.

The Bank has an objective to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.” Crowding-in private capital was not the primary aim of this investment. Neither the Bank nor the Department has sought to assess the influence, if any, of the Bank’s investment in Wayve on the decisions of private co‑investors.

The British Business Bank notified the Department on the morning of 20 February 2026 that it had concluded commercial negotiations with Wayve and would be participating in its equity funding round. Ministers and officials were not aware before this date that an investment in Wayve was being contemplated.

Discussions with officials between 20 and 25 February focused on communications arrangements for the announcement of Wayve's successful fundraise and the British Business Bank's investment.

The British Business Bank takes investment decisions independently and the Department does not seek to assess the merits of any individual transaction. The Bank is measured on the achievement of its objectives over the long term. Its two key performance indicators are the returns it achieves for taxpayers and the additional GVA (gross value-added) generated by its activities.

Wayve is a world-leading British success story and the Secretary of State welcomed the success of the company's fundraise as evidence of this.

The Department sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department does not seek to assess the merits of individual investments within the Bank’s portfolio.

The British Business Bank’s investment in Kraken Technologies is aligned with its strategic mandate published on 21 October 2025. This sets the Bank four objectives, the first of which is to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.”

The British Business Bank’s strategic mandate was published on 21 October 2025 and sets out the Bank’s mission, four objectives and two key performance indicators.

The Department receives quarterly performance updates on the Bank’s activities, including investment decisions, and monthly financial reports. The Secretary of State as sole shareholder is represented on the Board by a director from UK Government Investments, who reports to him on relevant matters. The Minister for Small Business and Economic Transformation meets the Bank’s CEO, Louis Taylor, each month. This reporting framework provides assurance that the Bank is investing in line with its strategic priorities.

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards.

Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies.

The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8^th January 2026.

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards.

Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies.

The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8^th January 2026.

The Department has not sought to make such an estimate, as this is a question that the British Business Bank considers alongside other matters when carrying out due diligence on its investments. The Bank is operationally independent.

The overall ratio of private capital crowded in by the British Business Bank is reported annually in its Impact Report. In 2024/25 the Bank crowded in £3bn of private capital from £1.2bn public finance representing a ratio of 2.5:1 for every pound of public capital invested.

There is no specific target for returns from individual investments, which vary widely. Hence the British Business Bank has made no estimate of the expected return on its investment in Kraken Technologies. The Bank invests on a portfolio basis. In aggregate, its investments are expected to generate a financial return greater than the Government’s risk‑adjusted cost of capital after covering running costs.

In the year ended 31 March 2025, the Bank reported a profit of £144 million and a five‑year average adjusted return on capital employed of 4.2% against a target of 0.9%.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.

We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.

We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.

We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.

We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.

We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.

We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.

We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.

We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

My officials regularly engage with the Trade Remedies Authority (TRA), including on the upcoming Steel Strategy. The Government recognises steel production is an essential part of our national life, and it is in the public interest to support it.

The forthcoming Steel Strategy will set out our future vision for the UK’s steel sector as the UK’s steel safeguard expires, and will explain how we will create a competitive business environment to enable the sector to thrive.

The Secretary of State and the Chancellor have jointly set the British Business Bank a strategic mandate over the next five years. This includes a new mission to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. While the mandate itself does not specify numbers, types of businesses, location, or sectors, the Bank has an excellent track record of addressing disparities in investment within the UK, with the Bank’s Impact report 24/25 showing that 24,000 businesses have newly benefited from finance supported by the Bank and 84% of businesses were outside London. The Bank will continue to report regularly on the impact of its interventions.

The Secretary of State and the Chancellor have jointly set the British Business Bank a strategic mandate over the next five years. This includes a new mission to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. While the mandate itself does not specify numbers, types of businesses, location, or sectors, the Bank has an excellent track record of addressing disparities in investment within the UK, with the Bank’s Impact report 24/25 showing that 24,000 businesses have newly benefited from finance supported by the Bank and 84% of businesses were outside London. The Bank will continue to report regularly on the impact of its interventions.

The metric used to measure the targeted increase is the total amount of finance, both debt and equity investment, committed by the Bank each year. This metric excludes guarantees. The new level of £2.5 billion in annual commitments - expected to be achieved from 2026/27 onwards - is a two-thirds increase from £1.5 billion expected in 2025/26.

The British Business Bank measures and publishes the outcomes of its interventions and its assessment of the market for small business finance in the UK across several publications:

• The Bank’s Annual Report and Accounts
• An annual Impact Report
• Independent evaluation reports on individual programmes, such as the Regions and Nations Investment Funds
• Research reports including an annual assessment of small business finance markets and a Nations and Regions Tracker

The next Small Business Finance Markets report is planned to be published in February/March 2026, with the Annual Report and Impact Report in July/August 2026.

The British Growth Partnership Fund I is an investment vehicle designed to increase the amount of UK pension fund investment going into UK venture capital. While the fund is UK-focused, its objectives are fully commercial and designed to maximise investment returns to UK pension funds regardless of investment location. Other British Business Bank interventions address disparities in investment within the UK, notably the Nations and Regions Investment Funds and the Regional Angels Programme. In 2024/25, 84% of businesses supported by the Bank were outside London.

The British Growth Partnership Fund I will be evaluated against its objectives by the British Business Bank, which will publish the findings. The evaluation methodology will be consistent with the Bank's approach to assessing its existing programmes. The overall evaluation strategy will include an early impact report within three years of the fund being established, followed by an interim evaluation.

The long-term nature of venture capital investing and the inherent challenges of increasing institutional investment into UK VC mean that the full economic impact will only be known in the long run, around 10 years after the fund has closed.

The British Growth Partnership Fund I will invest in later-stage, high-growth UK companies identified through the British Business Bank's pipeline, building on the Bank's established track record of backing high-potential science and technology firms. Due to the size of the investments and the nature of portfolio construction, the first close of the fund will benefit a limited number of later-stage venture backed businesses.

There is no employment target for British Growth Partnership Fund I. Previous evaluations of the Bank's venture programmes have demonstrated strong economic impact, including job creation and increased Gross Value Added.

The British Growth Partnership Fund I is anticipated to achieve a first close of the fund of £200 million by the end of March 2026. This amount will consist predominantly of private investment from UK pension funds.

The Department expects that following the first close, the British Growth Partnership will raise further capital in advance of the final close of the investment vehicle. The level of additional investment from pension funds will depend on market conditions at the time.