Written questions by Davies.

What assessment he has made of the potential merits of investment by the British Business Bank in Wayve.

The British Business Bank takes investment decisions independently and the Department does not seek to assess the merits of any individual transaction. The Bank is measured on the achievement of its objectives over the long term. Its two key performance indicators are the returns it achieves for taxpayers and the additional GVA (gross value-added) generated by its activities.Wayve is a world-leading British success story and the Secretary of State welcomed the success of the company's fundraise as evidence of this.

What discussions (a) he and (b) his officials had with the British Business Bank on Wayve prior to 25 February 2026.

The British Business Bank notified the Department on the morning of 20 February 2026 that it had concluded commercial negotiations with Wayve and would be participating in its equity funding round. Ministers and officials were not aware before this date that an investment in Wayve was being contemplated.Discussions with officials between 20 and 25 February focused on communications arrangements for the announcement of Wayve's successful fundraise and the British Business Bank's investment.

If he will make an estimate of the level of private capital the British Business Bank expects to crowd-in from their investment in Wayve.

The British Business Bank has invested £25 million in Wayve as part of a $1.2 billion Series D funding round, at a post-money valuation of $8.6 billion. Additional capital secured in parallel brings the total value of the raise to $1.5 billion.The Bank has an objective to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.” Crowding-in private capital was not the primary aim of this investment. Neither the Bank nor the Department has sought to assess the influence, if any, of the Bank’s investment in Wayve on the decisions of private co‑investors.

Food and Rural Affairs, what mechanisms are in place to ensure that water companies deliver the improvements promised through the £104 billion of private investment referred to in ‘A new vision for water’, published January 2026.

Ofwat, the independent economic regulator, monitors and reports on water company spending and financing through its annual performance report and its monitoring and financial resilience report. These documents are publicly available. Ofwat’s five-yearly ‘price review’ sets the price, investment and service package for water companies in England and Wales. Ofwat’s Price Review 2024 (PR24) final determination by water company can be found here: Final determinations in the 2024 price review - Ofwat. This publication sets out the investment programme by water company, and therefore by region. The Government has set out its new vision for water through a White Paper published on 20 January 2026. The White Paper sets out once in a generation reforms that will transform the water system for good, with a renewed focus on securing a fair deal for customers, investors, and the environment, to rebuild trust and secure a water system that works for everyone.

Food and Rural Affairs, what estimate he has made of the proportion of the £104 billion of private investment referred to in ‘A new vision for water’, published January 2026, that will be spent across each region of England and Wales.

Ofwat, the independent economic regulator, monitors and reports on water company spending and financing through its annual performance report and its monitoring and financial resilience report. These documents are publicly available. Ofwat’s five-yearly ‘price review’ sets the price, investment and service package for water companies in England and Wales. Ofwat’s Price Review 2024 (PR24) final determination by water company can be found here: Final determinations in the 2024 price review - Ofwat. This publication sets out the investment programme by water company, and therefore by region. The Government has set out its new vision for water through a White Paper published on 20 January 2026. The White Paper sets out once in a generation reforms that will transform the water system for good, with a renewed focus on securing a fair deal for customers, investors, and the environment, to rebuild trust and secure a water system that works for everyone.

What steps he is taking to ensure that British Business Bank invests in line with its strategic priorities.

The British Business Bank’s strategic mandate was published on 21 October 2025 and sets out the Bank’s mission, four objectives and two key performance indicators.The Department receives quarterly performance updates on the Bank’s activities, including investment decisions, and monthly financial reports. The Secretary of State as sole shareholder is represented on the Board by a director from UK Government Investments, who reports to him on relevant matters. The Minister for Small Business and Economic Transformation meets the Bank’s CEO, Louis Taylor, each month. This reporting framework provides assurance that the Bank is investing in line with its strategic priorities.

What assessment he has made of the potential merits of investment by British Business Bank in Kraken Technologies.

The Department sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department does not seek to assess the merits of individual investments within the Bank’s portfolio. The British Business Bank’s investment in Kraken Technologies is aligned with its strategic mandate published on 21 October 2025. This sets the Bank four objectives, the first of which is to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.”

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 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.

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 objectives her Department have set the Transatlantic Taskforce for Markets of the Future; and what assessment she has made of the Taskforce’s progress to date.

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September. Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth. The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success. Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

When the Transatlantic Taskforce for Markets of the Future plans to report back to HMT; and when their report will be shared with Parliament.

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September. Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth. The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success. Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

Whether she discussed the Transatlantic Taskforce for Markets of the Future during her meeting with the US Secretary of the Treasury on 12 January 2026.

The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September. Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth. The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success. Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK

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.

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 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.

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 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 expected breakdown of the £14.5 million allocated to Grangemouth, including funding for site remediation, feasibility work, infrastructure upgrades, skills programmes, and any other defined purposes.

The UK and Scottish Governments are working together to assess and progress all investment at Grangemouth. To support this, at Autumn Budget 2025 the Chancellor announced up to £14.5 million of UKG funding for Grangemouth to support future projects. At this moment in time, we cannot provide further information on allocation of this funding due to commercial sensitivities. Funding for projects will only be dispensed after thorough due diligence and Accounting Officer checks have been completed by the UK Government, but the UK Government remains committed to delivering a successful low-carbon future for Grangemouth.