Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether was she informed by the Office for Budget Responsibility in advance of the (a) Autumn Budget 2024 and (b) Spring Statement 2025 that it was likely to conduct a review of productivity forecasts at a forthcoming fiscal event.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."

As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when she was first informed by officials in her Department that the Office for Budget Responsibility was likely to conduct a review of their productivity forecasts.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."

As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when was she first informed by the Office for Budget Responsibility that they planned to review the Government's productivity forecasts.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."

As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what criteria the British Business Bank will use to identify the high-growth UK companies eligible for investment through the British Growth Partnership Fund I; how many firms are expected to benefit from the first close; and what estimates his Department has made of the number of jobs expected to be created or safeguarded as a result.

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

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.

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 investment that the British Growth Partnership Fund I will leverage from institutional partners; and by what date he expects the Fund to achieve that target.

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

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what plans his Department has to monitor the long-term performance of the British Growth Partnership Fund I, including investment returns, regional economic impact, and exit outcomes; and whether his Department intends to publish a formal evaluation within three years of the Fund’s first investments.

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

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.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps his Department is taking to ensure that funding provided through the British Growth Partnership Fund I support businesses across all regions and nations of the UK; and what proportion of the £200 million first close is expected to reach firms outside London and the South East.

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

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.

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.

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Found: Gareth Davies, Comptroller and Auditor General, National Audit Office, Emma Wilson, Director of Education

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Found: Gareth Davies, Comptroller and Auditor General, Adrian Jenner, Director of Parliamentary Relations,

Found: Peter Kyle MP, Secretary of State, Department for Business and Trade, and Gareth Davies CB, Permanent

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

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: Gareth Davies, the Comptroller and Auditor General (C&AG), has issued a clean audit opinion, providing

Found: Gareth Davies Comptroller and Auditor General 20 November 2025 National Audit Office 157-197 Buckingham

Found: Gareth Davies 7 November 2025 Comptroller and Auditor General National Audit Office 157–197 Buckingham

Found: Money His Majesty’s Treasury 1 Horse Guards Road London SW1A 2HQ www.gov.uk/hm-treasury Gareth Davies

Found: Gareth Davies Date 20 November 2025 Comptroller and Auditor General National Audit Office

Found: Gareth Davies Date 21 November 2025 Comptroller and Auditor General National Audit Office 157-197

Found: the above procedures: 126 | Disclosure and Barring Service Annual Report and Accounts 2024-25 Gareth Davies

Found: Gareth Davies 16 July 2025 Comptroller and Auditor General National Audit Office 157-197 Buckingham

Found: Gareth Davies MS (tabled on 21/06/2024): How is the Welsh Government collaborating with UK and international

<p>Absolutely. Responsibility is key here. Whether it be individual landowners, or whether it be local authorities, or the trunk road agency, it's absolutely vital that culverts are cleared, that we do maintain not just the road surface but drainage systems as well. I know from one of my brothers, who's a road engineer, just how important it is to regularly clean culverts and ensure that water can run off smoothly. You're right: the local government borrowing initiative is making a huge difference across Wales in terms of local roads alone. The figure now stands at almost 150,000 in terms of the number of potholes that have been fixed or are being prevented as a result of the investment, and there will be devolution of the funding to the regions of Wales. As I've said to Gareth Davies, it will amount, over a five-year period, <span style="text-decoration: underline;">to almost £150 million</span></p>

<p>Good afternoon, and welcome to today's Plenary meeting. The first item on our agenda today will be questions the Cabinet Secretary for Transport and North Wales. The first question is from Gareth Davies.</p>