British Business Bank Launches £6.6bn UK Innovation Initiative

The British Business Bank has committed a colossal £6.6 billion to bolster UK innovation and support entrepreneurship across the nation. This new investment includes a strategic £4 billion initiative, the British Business Bank Industrial Strategy Growth Capital, targeting eight critical growth-driving sectors: advanced manufacturing, clean energy, creative industries, defence, digital & technologies, financial services, life sciences, and professional & business services. These funds aim to leverage an additional £12 billion in private capital. Additionally, £2.6 billion is earmarked to assist smaller businesses in accessing necessary funding, a move aimed at enhancing their growth capabilities. This increase in financial commitment follows the British Business Bank’s financial capacity augmentation to £25.6 billion, ensuring a 66% increase in investments annually to approximately £2.5 billion. Louis Taylor, CEO of the British Business Bank, praised the UK Government's support and highlighted the institution's pivotal role in nurturing smaller businesses within the designated sectors, while ensuring that innovative entrepreneurs, regardless of their background or location, can access the requisite finances to grow. These efforts align with building a long-term financial ecosystem and narrowing the scale-up financing gap, ultimately contributing approximately £30 billion in additional gross value add to the UK economy.