Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what proportion of the British Business Banks’s economic capital limit has been earmarked specifically for (a) micro-businesses and (b) businesses in the devolved nations.

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

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what targets the Government has set for the British Business Bank in respect of i) the number of smaller businesses to receive finance, ii) the amount of finance directed to devolved nations and regions, and iii) a list of sectors which benefit annually.

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

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the Government’s Statement of Strategic Priorities to the British Business Bank, what metric is to be used to measure the target for two-thirds increase in the pace of investment; when is the baseline for this measure; and when the Government expects this target to be met.

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

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, how the British Business Bank plans to measure and publish outcomes relating to its strategic objective to Unlock the potential in people and places, including how it will track and report the number of jobs created, regional investment disparities, and when those metrics will first be published.

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

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.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, on what date the National Wealth Fund Board was informed of the Government’s intention to allocate £200 million to Grangemouth community; and whether the Board formally approved any such commitment in accordance with its statutory governance and investment processes.

Answered by James Murray - Chief Secretary to the Treasury

The Government made a major intervention to ensure the long-term future of the Grangemouth site. As part of that, £200 million has been made available from the National Wealth Fund’s existing capitalisation for investible projects at Grangemouth.

The National Wealth Fund will be responsible for approval of specific investments, in line with its regular governance and investment processes, including Board approval where appropriate.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how the £14.5 million for Grangemouth announced at the Budget relates to the previous commitment from the Prime Minister that £200 million from the National Wealth Fund would support the transition of the Grangemouth site; and whether the £14.5 million announced at the Budget is additional to the previous £200 million commitment.

Answered by James Murray - Chief Secretary to the Treasury

The £14.5 million of investment to support industrial projects in Grangemouth announced at Autumn Budget 2025 is in addition to the National Wealth Fund commitment.

Question to the Scotland Office:

To ask the Secretary of State for Scotland, what assessment he has made of the expected breakdown of the £14.5 million allocated to Grangemouth, including funding for site remediation, feasibility work, infrastructure upgrades, skills programmes, and any other defined purposes.

Answered by Kirsty McNeill - Parliamentary Under-Secretary (Scotland Office)

The UK and Scottish Governments are working together to assess and progress all investment at Grangemouth. To support this, at Autumn Budget 2025 the Chancellor announced up to £14.5 million of UKG funding for Grangemouth to support future projects.

At this moment in time, we cannot provide further information on allocation of this funding due to commercial sensitivities. Funding for projects will only be dispensed after thorough due diligence and Accounting Officer checks have been completed by the UK Government, but the UK Government remains committed to delivering a successful low-carbon future for Grangemouth.

Question to the Scotland Office:

To ask the Secretary of State for Scotland, how the £14.5 million announced for Grangemouth at the November 2025 Budget will be allocated; and what project milestones or conditions must be met before funds are released.

Answered by Kirsty McNeill - Parliamentary Under-Secretary (Scotland Office)

The UK and Scottish Governments are working together to assess and progress all investment at Grangemouth. To support this, at Autumn Budget 2025 the Chancellor announced up to £14.5 million of UKG funding for Grangemouth to support future projects.

At this moment in time, we cannot provide further information on allocation of this funding due to commercial sensitivities. Funding for projects will only be dispensed after thorough due diligence and Accounting Officer checks have been completed by the UK Government, but the UK Government remains committed to delivering a successful low-carbon future for Grangemouth.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether the time taken to publish the Steel Strategy will impact the commencement of grid connection upgrades required for the transition to electric arc furnace production.

Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

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.

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 impact of the time taken to publish the Steel Strategy on the ability of British Steel to secure long-term customer contracts for 2026-27.

Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

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.

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 impact of the time taken for the publication of the Steel Strategy on levels of skills at the British Steel Scunthorpe site.

Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

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.

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 impact of the time taken for the Steel Strategy on the availability of credit insurance for SMEs in the steel supply chain.

Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what recent discussions he has had with the Trade Remedies Authority on the operational impact of the publication of the Steel Strategy in early 2026 on the review process for steel safeguards.

Answered by Chris Bryant - Minister of State (Department for Business and Trade)

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.

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Found: Gareth Davies, Comptroller and Auditor General, National Audit Office, Jenny George, Director Justice

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Found: Gareth Davies Date: 02 December 2025 Comptroller and Auditor General National Audit Office 157‑197 Buckingham

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Found: Gareth Davies 5 December 2025 Comptroller and Auditor General National Audit Office 157-197 Buckingham

Found: Gareth Davies 5 December 2025 Comptroller and Auditor General National Audit Office 157-197 Buckingham

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<p>Thank you very much for that. We'll turn now to questions from Gareth Davies.</p>

<p>Good afternoon and welcome to this afternoon's Plenary meeting. The first item on the agenda will be questions to the Cabinet Secretary for Economy, Energy and Planning, and the first question is from Gareth Davies.&nbsp;</p>

<p>Good afternoon. Welcome to today's meeting of the Culture, Communications, Welsh Language, Sport and International Relations Committee. We have received apologies from Lee Waters and Gareth Davies, and Alun Davies will be joining us at 1.30 p.m. Do any Members have any declarations of interest to make? No, I don't see that there are any.</p>