Written questions by Anderson.

How many companies in the scale-up category have accessed British Business Bank-backed debt finance in the last 24 months.

The British Business Bank publishes performance data on the Growth Guarantee Scheme (GGS) on a quarterly basis. Up to 31 December 2024, GGS has been utilised by accredited lenders to enable 13,447 scheme facilities, totalling £2.11 billion. The data is broken down by facility status, lender, nation and region, sector, facility type and size, company size, turnover and age of business, but does not define facilities by scale-up category.

Whether his Department has made an assessment of trends in the level of tiered lending rate structures in SME finance products offered by UK-regulated banks since 2022.

Tiered interest rates relate to retail deposits and personal loans, not commercial finance. Bank of England data shows that interest rates on lending by banks to UK SMEs are as follows:In March 2025, effective interest rates for new SME loans were 6.75%In March 2024, effective interest rates for new SME loans were 7.49%In March 2023, effective interest rates for new SME loans were 6.36%In March 2022, effective interest rates for new SME loans were 3.49%Source: Bank of England

What data his Department holds on lending approval rates for SMEs applying for finance to invest in (a) technology, (b) commercial premises and (c) workforce training since 2022.

Earlier this year, DBT launched a call for evidence on access to finance to better understand the barriers that SMEs experience when applying for loans. However, currently available results from the SME Finance Monitor provides the following data on SMEs needing funding for R&D and new premises:In 2024, 7% of SMEs reported a need for funding. Of those SMEs reporting a need for funding, 6% needed funding for new premises and 4% needed funding for R&D.In 2022, 6% of SMEs reported a need for funding. Of those SMEs reporting a need for funding, 3% needed funding for new premises and 5% needed funding for R&D.In 2024, 47% of all applications for new or renewed finance by SMEs were successful.In 2022, 62% of all applications for new or renewed finance by SMEs were successful.Source: SME Finance Monitor 2024 and 2022

What assessment his Department has made of the potential impact of foreign direct investment screening mechanisms on UK economic sovereignty.

The UK balances an open investment environment to facilitate growth while protecting the areas of our economy that are the most sensitive to national security. The National Security and Investment Act supports our economic sovereignty by giving us power to intervene where we need to, while allowing the vast majority of inward investment to proceed.The NSI Act was inspired by, and brought the UK’s approach to investment screening in line with, many other countries, including our close allies. The Act is a product of close international cooperation to ensure the UK’s investment screening regime draws on global best practice.

What steps his Department is taking to promote exports from (a) defence and (b) aerospace manufacturers.

DBT works with defence and aerospace companies to open markets, tackle trade disputes, provide SME support, and connect business to export opportunities.Through the Aerospace Growth Partnership and Aerospace Technology Institute programme we support industry to increase supply chain productivity, competitiveness, innovation and exports. In defence, we work with industry to develop campaigns which pursue a ten-year pipeline of global opportunities. In 2023 the UK won £14.5bn defence orders; and in 2024 exported £23bn of domestically produced aerospace goods.The Industrial Strategy will set out our further support for these sectors.

What steps he is taking to help improve the representation of women in senior leadership positions within large (a) public and (b) private companies.

Promoting equal opportunities for women is a key part of this Government's Plan for Change, ensuring fair access to the best jobs. To that end, the Department for Business and Trade sponsors the FTSE Women Leaders Review, which collaborates with the UK's top public and private companies to achieve at least 40% representation of women on boards and at senior management levels.The 2025 report evidences real progress in representation of women leaders across the top of UK businesses. The Government will continue to work with UK business and the Review to ensure the continuation of this promising momentum.

What the estimated economic impact of foreign direct investment projects in (a) Milton Keynes and (b) Buckinghamshire has been in the last five years.

Official Statistics at https://www.gov.uk/government/statistics/dbt-inward-investment-results-2023-to-2024 show 13 Foreign Direct Investment (FDI) projects landed in Buckinghamshire Local Enterprise Partnership (LEP) in 2023-24. This includes single site and multiple site projects. It was not possible to publish the number of new jobs created due to confidentiality issues. Statistics are not published at Local Authority level due to confidentiality concerns, but Milton Keynes is within South East Midlands LEP where 38 FDI projects landed and 3,010 jobs were created in 2023-24. The estimated economic impact of FDI projects is only published at a UK level.

How the Office for Investment plans to engage with local authorities and combined authorities to (a) identify and (b) promote investment opportunities.

We work with local and combined authorities to promote the most significant investment opportunities, by providing compelling products for use by the department’s UK and international teams.With the expanded Office for Investment, we will build further on this approach, working in partnership, to turn the Industrial Strategy and regional growth plans into a clear, commercially attractive pipeline of investment opportunities. We are piloting an enhanced way of supporting transformational local projects, connecting them with specialist support or expertise from across government to develop opportunities at scale and with commercial credibility to pull in large scale investment.

How many jobs were created in (a) Milton Keynes and (b) Buckinghamshire as a result of foreign direct investment in the last year.

Official Statistics at https://www.gov.uk/government/statistics/dbt-inward-investment-results-2023-to-2024 show 13 Foreign Direct Investment (FDI) projects landed in Buckinghamshire Local Enterprise Partnership (LEP) in 2023-24. This includes single site and multiple site projects. It was not possible to publish the number of new jobs created due to confidentiality issues. Statistics are not published at Local Authority level due to confidentiality concerns, but Milton Keynes is within South East Midlands LEP where 38 FDI projects landed and 3,010 jobs were created in 2023-24. The estimated economic impact of FDI projects is only published at a UK level.

How the Office for Investment will assess the potential impact of foreign direct investment on domestic businesses in key sectors.

Investment is at the heart of the government’s growth mission, increasing the number of good, well-skilled jobs and improving productivity across the country. Foreign direct investment is one part of this and can support domestic businesses directly through supply chains and indirectly through spillover benefits. The new Office for Investment will work closely with all businesses to increase facilitation of investment from UK and overseas businesses.Previous research in 2021 by DBT found that on average a £1 million FDI project into Great Britain leads to a net increase in national levels of GVA of around £98,000 and a net increase in employment.

What steps he is taking with Cabinet colleagues to help encourage (a) women and (b) people from ethnic minorities to found start-up companies.

This government is working to advance equality of access to start-up opportunities irrespective of gender or race. Everyone who can and wants to set up a small business should have access to support to do so, whether through direct government support or through programmes delivered by mayors and other institutions. Ensuring this support can be accessed by all is key to the government’s mission to secure economic growth and boost productivity throughout the UK. All businesses can access support via, Help to Grow Management, Growth Hubs, and the British Business Bank.The government’s Start Up Loans programme provides finance and mentoring support to founders, with 40% of loans going to women and 21% to people from ethnic minorities.The government-backed and industry-led Invest in Women Taskforce is working to make entrepreneurship more accessible to women, so that 30% of all businesses are female-powered by 2030.