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.
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, 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.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
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.
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 discussions (a) he and (b) his officials had with the British Business Bank on Kraken Technologies prior to 20 January 2026.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
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.