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.

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.

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

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

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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>

<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>