Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what criteria is used to assess the suitability of publicly-funded manufacturing contracts allocated to companies.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Procurement Act sets out the process that contracting authorities follow when assessing the suitability of suppliers for public contracts, including their capacity and capability to deliver. This approach is supported by guidance in the Sourcing Playbook.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he has taken steps to ensure that public investment in Kraken Technologies cannot be used to facilitate dividend payments by Octopus Energy.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the potential impact of investment in Kraken Technologies on competition within the UK energy software market.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether Octopus Energy’s compliance with capital requirements was considered when approving investment in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Department for Business and Trade’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he made an assessment of the adequacy of the availability of private‑sector investment for Kraken Technologies before providing funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether his Department assessed Kraken Technologies’ financial position and capital-raising capacity prior to approving funding.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what assessment he has made of the financial risks associated with investing in Kraken Technologies.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, what valuation of Kraken Technologies was used when determining the investment.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what recent assessment he has made of the adequacy of the amount of imported steel used for British manufacturing projects.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
In 2024, the UK produced 4 million tonnes of crude steel and imported 6.8 million tonnes of semi-finished and finished steel for a variety of uses, including manufacturing (1)(2). The Government knows how important the use of UK-made steel is to communities across the country and we recognise the need to create a competitive business environment for steel production here in the UK. We will publish a steel strategy this year which will set out our vision for a bright and sustainable future for steel in the UK.
Asked by: James McMurdock (Independent - South Basildon and East Thurrock)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled ‘UK lenders step up with £11 billion push to back British businesses’ published on 26 January 2026, what estimate he has made of the number of jobs expected to be supported or created as a result of the lending package.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The package is a commitment from the UK’s top high-street banks to lend more to small and medium sized enterprises (SMEs) using UKEF’s guarantee, to boost UK exports and economic growth. It signals to SMEs that want to export that there is a dedicated pool of capital available for them from lenders whom they trust.
Each bank has agreed to make the funds available across the whole of the UK. While we have not made formal assessments of the impact of these commitments on exports, the UK economy or jobs, last year UK Export Finance provided £14.5 billion of support to UK exporters, in turn supporting up to 70,000 jobs and contributing £5.4 billion to the economy.