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.

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.