Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Answer of 4 November 2021 to Question 67078 on Future Fund, if he will make an assessment of the adequacy of the British Business Bank's performance on its objectives of (a) identifying and (b) reducing imbalances in access to finance for small businesses in Northern Ireland.

The British Business Bank has an objective to identify and help to reduce imbalances in access to finance for smaller businesses across the UK. In 2021/22, the Bank supported £166 million of funding to 2,699 businesses in Northern Ireland.

At Autumn Budget and Spending Review 2021, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced over £1.6 billion for the British Business Bank’s Nations and Regions Investment Funds, including a new £70m Investment Fund for Northern Ireland.

The Bank gathers data and publishes research to identify gaps and imbalances in access to finance, including the Nations and Regions Tracker, available at https://www.british-business-bank.co.uk/research/nations-and-regions-tracker-2022/.