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The ministers are intended to resume British Business Bank’s loans for small companies that work in high -growth density in order to stuck the financial muscles of the new government’s new industrial strategy.
The BBB, the government’s economic development bank, was asked Industrial strategyAs Chancellor Rachel Reeves tries to promote economic growth.
Officials who were informed about the plan emphasized a speech by the cultural secretary Lisa Nandy Last month, in which it announced that BBB, which supports more than 17 billion GBP in financial resources for smaller companies, would increase their support for the creative industry.
The Creative sector is one of eight high -growth industries that are covered by the industrial strategy in addition to Advanced Manufacturing, Clean Energy, Defense, Digital and Technology, Financial Services, Biosciences as well as professional and business services.
Nandy said that the BBB had “committed to” increase the extent of its support for the creative industry “and the bank” would tell us about its investments in the creative industry so that we know the real effects of the real world “.
An official about the industrial strategy published in June, which is to be published in June, said: “You can read aloud about what Lisa Nandy said in the industrial strategy and what we expect from BBB.”
Although the BBB would continue to finance promising small companies in sectors that are not covered by the industrial strategy, the ministers want their financial fireplace to focus on the areas that are considered the future of the British economy.
A report published last month In the center for cities, the government urged to concentrate on areas with clusters of companies that export advanced materials, fintech or organic sciences in high -quality sectors such as AI.
The BBB was set up in 2014 under the conservative-liberal democratic coalition government in order to promote sustainable growth and to support smaller companies to access funds. Its core programs support more than 17.4 billion GBP funds for almost 64,000 smaller companies.
The government is a 100 percent shareholder of the bank and the ministers have to sign their business plan, but the BBB is operational to decide which companies are supposed to support.
The British commercial bank said: “We are pleased to support the goals of the government’s industrial strategy with our programs, the larger investments and loans in high -growth sectors with innovation potential such as biocissions, clean energy, creative industry, financial support as well as digital and technological. “
Reeves plans to publish plans for individual sectors before the industrial strategy is officially published. “We can’t wait until June,” she said. At the beginning of this month she met bankers to discuss a strategy for financial services.
