British Business Bank

Lord Londesborough Excerpts

Monday 9th March 2026 Lords Chamber

[Baroness Lloyd of Effra (Lab)]

As was said earlier, we are monitoring the situation very carefully. It is unclear at present what exactly the long-term impact on energy prices and energy security will be. We are carefully looking at that. In the meantime, we have taken measures, including through the British energy-intensive industries scheme, to support energy prices for the most intensive users here in the UK.

[Lord Londesborough (CB)]

My Lords, the development bank has some eye-catching five-year targets, including funding the creation of 370,000 new jobs and crowding in some £26 billion of additional private capital. I welcome that ambition, but, for perspective, can the Minister say how the bank has performed over the last five years, particularly in the areas of job creation and gross value added?

[Baroness Lloyd of Effra (Lab)]

I may have to come back on those precise questions. The British Business Bank produces annual reports and has recently published an impact report which addresses some of the questions that the noble Lord specifically asks around job creation. That is an important aspect of its accountability for the funding it gets.