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 independent security testing of the WebFiling service was conducted prior to its restoration on 16 March 2026.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The WebFiling service was successfully reopened at 9am on Monday 16 March after rigorous testing. The testing was done in accordance with best-practice security methodologies by government-approved testers, including external specialists.
Companies House takes the security of its systems and data extremely seriously. It operates an ISO 27001:2022-certified Information Security Management System, demonstrating its commitment to robust, independently audited security controls. This approach aligns with recognised government and industry standards.
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, with reference to the Companies House news story entitled Update on Companies House WebFiling security issue, published on 16 March 2026, what steps his Department is taking to (a) identify and (b) notify the directors of companies whose details may have been accessed without consent.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Companies House has written to all companies via the registered email address on a precautionary basis to update them and to advise that they check their registered details and contact Companies House if concerned. This guidance has also been placed on their website and other channels. There is currently no confirmed evidence that any records have been changed.
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, how many unauthorised changes to company records were (a) attempted and (b) successfully registered before the WebFiling service was closed on 13 March 2026.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Companies House is investigating this from both a technical and customer perspective. Following the initial report, ongoing investigations have found no subsequent confirmed cases of personal data having been (a) accessed without permission as a result of this issue. There is (b) no confirmed evidence that any records have been changed. The absence of any new confirmed cases is welcome although the investigation continues.
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, with reference to the Companies House news story titled Update on Companies House WebFiling security issue, published on 16 March 2026, what assessment he has made of the potential impact of this security issue on the planned roll-out of new identity verification requirements for company directors.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The issue affecting Companies House’s Web-filing service did not extend to other services, including the identification verification service for company directors and persons of significant control. It has also written to customers confirming that no data used as part of the identity verification process, such as passport information, was accessible.
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, with reference to the Companies House news story titled Update on Companies House WebFiling security issue, published on 16 March 2026, what the total cost to the public purse was for the (a) investigation, (b) independent testing and (c) technical remediation of the identified security vulnerability.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Companies House’s investigation into the issue is ongoing so it is not yet possible to provide a total cost. The initial investigation and technical remediation work was undertaken by Companies House staff supported by specialist contractors. Further work is planned as the investigation progresses.
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 Wayve prior to 25 February 2026.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The British Business Bank notified the Department on the morning of 20 February 2026 that it had concluded commercial negotiations with Wayve and would be participating in its equity funding round. Ministers and officials were not aware before this date that an investment in Wayve was being contemplated.
Discussions with officials between 20 and 25 February focused on communications arrangements for the announcement of Wayve's successful fundraise and the British Business Bank's investment.
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, if he will make an estimate of the level of private capital the British Business Bank expects to crowd-in from their investment in Wayve.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The British Business Bank has invested £25 million in Wayve as part of a $1.2 billion Series D funding round, at a post-money valuation of $8.6 billion. Additional capital secured in parallel brings the total value of the raise to $1.5 billion.
The Bank has an objective to “support our most promising businesses in the Industrial Strategy priority sectors to scale and stay here.” Crowding-in private capital was not the primary aim of this investment. Neither the Bank nor the Department has sought to assess the influence, if any, of the Bank’s investment in Wayve on the decisions of private co‑investors.
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 the British Business Bank in Wayve.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The British Business Bank takes investment decisions independently and the Department does not seek to assess the merits of any individual transaction. The Bank is measured on the achievement of its objectives over the long term. Its two key performance indicators are the returns it achieves for taxpayers and the additional GVA (gross value-added) generated by its activities.
Wayve is a world-leading British success story and the Secretary of State welcomed the success of the company's fundraise as evidence of this.
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.