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 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, 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.
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 Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether the time taken to publish the Steel Strategy will impact the commencement of grid connection upgrades required for the transition to electric arc furnace production.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.
We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.
We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.
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 impact of the time taken to publish the Steel Strategy on the ability of British Steel to secure long-term customer contracts for 2026-27.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.
We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.
We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.
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 impact of the time taken for the publication of the Steel Strategy on levels of skills at the British Steel Scunthorpe site.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.
We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.
We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.
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 impact of the time taken for the Steel Strategy on the availability of credit insurance for SMEs in the steel supply chain.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Government is committed to supporting the UK steel sector. Our decisive legislative intervention at British Steel has secured UK manufactured steel for nationally important projects like airports and rail and supported jobs and national security.
We also remain committed to delivering a steel strategy in early 2026. The strategy will set out a long-term vision for a bright and sustainable steel sector in the UK and the actions needed to get there. Ministers and officials continue to engage closely with industry, trade unions and the Devolved Governments to ensure the final strategy delivers for businesses, steelworkers and the wider UK economy.
We do not anticipate any adverse impacts on British Steel or the availability of credit insurance for SMEs in the steel supply chain arising from the revised publication timing.
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 recent discussions he has had with the Trade Remedies Authority on the operational impact of the publication of the Steel Strategy in early 2026 on the review process for steel safeguards.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
My officials regularly engage with the Trade Remedies Authority (TRA), including on the upcoming Steel Strategy. The Government recognises steel production is an essential part of our national life, and it is in the public interest to support it.
The forthcoming Steel Strategy will set out our future vision for the UK’s steel sector as the UK’s steel safeguard expires, and will explain how we will create a competitive business environment to enable the sector to thrive.