Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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 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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
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.