Written questions by Davies.

What discussions (a) he and (b) his officials had with the British Business Bank on Kraken Technologies prior to 20 January 2026.

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards. Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies. The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8th January 2026.

What estimate he has made of the level of private capital the British Business Bank expects to crowd-in from their investment in Kraken Technologies.

The Department has not sought to make such an estimate, as this is a question that the British Business Bank considers alongside other matters when carrying out due diligence on its investments. The Bank is operationally independent. The overall ratio of private capital crowded in by the British Business Bank is reported annually in its Impact Report. In 2024/25 the Bank crowded in £3bn of private capital from £1.2bn public finance representing a ratio of 2.5:1 for every pound of public capital invested.

When (a) he and (b) his Ministers last met with representatives from (a) Octopus Group, (b) Octopus Energy Group, (c) Octopus Ventures and (d) Kraken Technologies.

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards. Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies. The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8th January 2026.

What estimate he has made of the expected return on the investment from the British Business Bank into Kraken Technologies.

There is no specific target for returns from individual investments, which vary widely. Hence the British Business Bank has made no estimate of the expected return on its investment in Kraken Technologies. The Bank invests on a portfolio basis. In aggregate, its investments are expected to generate a financial return greater than the Government’s risk‑adjusted cost of capital after covering running costs. In the year ended 31 March 2025, the Bank reported a profit of £144 million and a five‑year average adjusted return on capital employed of 4.2% against a target of 0.9%.

What recent discussions he has had with the Trade Remedies Authority on the operational impact of the publication of the Steel Strategy in early 2026 on the review process for steel safeguards.

My officials regularly engage with the Trade Remedies Authority (TRA), including on the upcoming Steel Strategy. The Government recognises steel production is an essential part of our national life, and it is in the public interest to support it.The forthcoming Steel Strategy will set out our future vision for the UK’s steel sector as the UK’s steel safeguard expires, and will explain how we will create a competitive business environment to enable the sector to thrive.

Whether the time taken to publish the Steel Strategy will impact the commencement of grid connection upgrades required for the transition to electric arc furnace production.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

What assessment he has made of the potential impact of the time taken for the Steel Strategy on the availability of credit insurance for SMEs in the steel supply chain.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

What assessment he has made of the potential impact of the time taken for the publication of the Steel Strategy on levels of skills at the British Steel Scunthorpe site.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

What assessment he has made of the potential impact of the time taken to publish the Steel Strategy on the ability of British Steel to secure long-term customer contracts for 2026-27.

The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.

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.

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.

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.

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.

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.

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.

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.

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 Bank’s Annual Report and AccountsAn annual Impact ReportIndependent evaluation reports on individual programmes, such as the Regions and Nations Investment FundsResearch reports including an annual assessment of small business finance markets and a Nations and Regions TrackerThe 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.

What plans his Department has to monitor the long-term performance of the British Growth Partnership Fund I, including investment returns, regional economic impact, and exit outcomes; and whether his Department intends to publish a formal evaluation within three years of the Fund’s first investments.

The British Growth Partnership Fund I will be evaluated against its objectives by the British Business Bank, which will publish the findings. The evaluation methodology will be consistent with the Bank's approach to assessing its existing programmes. The overall evaluation strategy will include an early impact report within three years of the fund being established, followed by an interim evaluation.The long-term nature of venture capital investing and the inherent challenges of increasing institutional investment into UK VC mean that the full economic impact will only be known in the long run, around 10 years after the fund has closed.

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.

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.

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.

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.

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.