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Ministers should divert British commercial banks to small businesses operating in the high -growth sectors in an attempt to put the financial muscle behind the new government industrial strategy.
BBB, the Government Bank for Economic Development, it was said to target eight sectors identified in Industrial strategyHow Chancellor Rachel Reeves seeks to encourage economic growth.
Officers who met the plan highlighted the speech of the Minister of Culture Lisa Nandy Last month, announcing that the BBB, which supports more than £ 17 billion in finances for smaller businesses, will increase its support for the creative industry.
IN Creative sector It is one of the eight high growth industries covered by an industrial strategy, along with advanced production, pure energy, defense, digital and technologies, financial services, science of life and professional and business services.
Nandy said that BBB “committed to increase the proportions of its support for the creative industry” and that the bank “would report us to invest in creative industry, so we know that the real influence of the world”.
One official informed of the initial industrial strategy, which should be published in June, said: “You can read through what Lisa Nandy told other sectors in the industrial strategy and what we want the BBB to do.”
Although BBB would continue to finance the promising small companies in sectors that are not covered by an industrial strategy, ministers want his financial fireplace to focus on those areas that are considered to represent the future of the British economy.
Report Posted last month In the Think-Tank cities center, he urged the government to focus on areas with bunches of high-value export companies, such as AI, advanced materials, Fintech or life science.
The BBB was founded in 2014 under the conservative-liberal democratic coalition government with a mission to launch sustainable growth and help smaller companies approach finances. Its basic programs support more than £ 17.4 billion of almost 64,000 smaller companies.
The Government is a 100 -pointed shareholder at the bank and ministers have to refuse their business plan, but the BBB is operationally free to decide which companies need to support.
The British Business Bank said: “We are pleased to support the goals of the Government Industrial Strategy through our programs, which support larger investments and borrowing in the high -growth sectors with the potential for innovation, such as life science, pure energy, creative industry, financial services, digital, and technology. “
Reeves plans to create plans for individual sectors before the industrial strategy has been formally published. “We can’t wait until June,” she told colleagues. Earlier this month, she met Bank chiefs to discuss the financial services strategy.
