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 level of private capital the British Business Bank expects to crowd-in from their investment in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department has not sought to make such an estimate, as this is a question that the British Business Bank considers alongside other matters when carrying out due diligence on its investments. The Bank is operationally independent.
The overall ratio of private capital crowded in by the British Business Bank is reported annually in its Impact Report. In 2024/25 the Bank crowded in £3bn of private capital from £1.2bn public finance representing a ratio of 2.5:1 for every pound of public capital invested.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what objectives her Department have set the Transatlantic Taskforce for Markets of the Future; and what assessment she has made of the Taskforce’s progress to date.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she discussed the Transatlantic Taskforce for Markets of the Future during her meeting with the US Secretary of the Treasury on 12 January 2026.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when the Transatlantic Taskforce for Markets of the Future plans to report back to HMT; and when their report will be shared with Parliament.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK