Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what estimate he has made of the expected return on the investment from the British Business Bank into Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
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%.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to ensure that British Business Bank invests in line with its strategic priorities.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential merits of investment by British Business Bank in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
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.”
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, 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.
Answered by Emma Hardy - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, 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.
Answered by Emma Hardy - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
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.