Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what objectives her Department have set the Transatlantic Taskforce for Markets of the Future; and what assessment she has made of the Taskforce’s progress to date.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.

Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.

The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.

Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she discussed the Transatlantic Taskforce for Markets of the Future during her meeting with the US Secretary of the Treasury on 12 January 2026.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.

Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.

The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.

Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when the Transatlantic Taskforce for Markets of the Future plans to report back to HMT; and when their report will be shared with Parliament.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.

Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.

The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.

Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, when (a) he and (b) his Ministers last met with representatives from (a) Octopus Group, (b) Octopus Energy Group, (c) Octopus Ventures and (d) Kraken Technologies.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what discussions (a) he and (b) his officials had with the British Business Bank on Kraken Technologies prior to 20 January 2026.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what estimate he has made of the level of private capital the British Business Bank expects to crowd-in from their investment in Kraken Technologies.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps he is taking to ensure that British Business Bank invests in line with its strategic priorities.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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.

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 potential merits of investment by British Business Bank in Kraken Technologies.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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.”

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what estimate he has made of the proportion of the £104 billion of private investment referred to in ‘A new vision for water’, published January 2026, that will be spent across each region of England and Wales.

Answered by Emma Hardy - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)

Ofwat, the independent economic regulator, monitors and reports on water company spending and financing through its annual performance report and its monitoring and financial resilience report. These documents are publicly available.

Ofwat’s five-yearly ‘price review’ sets the price, investment and service package for water companies in England and Wales. Ofwat’s Price Review 2024 (PR24) final determination by water company can be found here: Final determinations in the 2024 price review - Ofwat. This publication sets out the investment programme by water company, and therefore by region.

The Government has set out its new vision for water through a White Paper published on 20 January 2026. The White Paper sets out once in a generation reforms that will transform the water system for good, with a renewed focus on securing a fair deal for customers, investors, and the environment, to rebuild trust and secure a water system that works for everyone.

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what mechanisms are in place to ensure that water companies deliver the improvements promised through the £104 billion of private investment referred to in ‘A new vision for water’, published January 2026.

Answered by Emma Hardy - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)

Ofwat, the independent economic regulator, monitors and reports on water company spending and financing through its annual performance report and its monitoring and financial resilience report. These documents are publicly available.

Ofwat’s five-yearly ‘price review’ sets the price, investment and service package for water companies in England and Wales. Ofwat’s Price Review 2024 (PR24) final determination by water company can be found here: Final determinations in the 2024 price review - Ofwat. This publication sets out the investment programme by water company, and therefore by region.

The Government has set out its new vision for water through a White Paper published on 20 January 2026. The White Paper sets out once in a generation reforms that will transform the water system for good, with a renewed focus on securing a fair deal for customers, investors, and the environment, to rebuild trust and secure a water system that works for everyone.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what estimate he has made of the expected return on the investment from the British Business Bank into Kraken Technologies.

Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)

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%.

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Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

Found: The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and

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Found: Gareth Davies Comptroller and Auditor General 28 January 2026 National Audit Office 157-197 Buckingham

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Found: Gareth Davies Comptroller and Auditor General Date: 21/01/2026 National Audit Office 157-197 Buckingham

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