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.
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 assessment his Department has made of the potential impact of the £11 billion lending package on UK exports.
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.
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 assessment he has made of the potential impact of the lending package to economic growth.
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.
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 news story entitled UK-SA Trade Pact Unlocks Tariff Savings for Local Exporters, published on 26 January 2026, what recent assessment he has made of the potential impact of the UK-South Africa Economic Partnership Agreement on job creation in the UK.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
On average, from 2022 to 2024, the agreement between the UK and SACUM members has resulted in over £2.3bn of imports entering the UK eligible for reduced duties each year, with £2.1bn benefitting from the lower duty rate afforded under the agreement. During this time, more than £2.0bn of goods benefitting from reduced duties originated from South Africa.
The EPA has delivered tariff savings and lowered import costs for British consumers and businesses. As set out in the UK Trade Strategy, we have started a tariff review of the UK-SACUM EPA that will aim to further reduce tariff barriers under the Agreement. We will update Parliament once these discussions conclude.
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 news story entitled UK-SA Trade Pact Unlocks Tariff Savings for Local Exporters, published on 26 January 2026, what metrics his Department uses to assess whether the UK-South Africa Economic Partnership Agreement is delivering economic growth.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
On average, from 2022 to 2024, the agreement between the UK and SACUM members has resulted in over £2.3bn of imports entering the UK eligible for reduced duties each year, with £2.1bn benefitting from the lower duty rate afforded under the agreement. During this time, more than £2.0bn of goods benefitting from reduced duties originated from South Africa.
The EPA has delivered tariff savings and lowered import costs for British consumers and businesses. As set out in the UK Trade Strategy, we have started a tariff review of the UK-SACUM EPA that will aim to further reduce tariff barriers under the Agreement. We will update Parliament once these discussions conclude.
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 news story entitled UK-SA Trade Pact Unlocks Tariff Savings for Local Exporters, published on 26 January 2026, whether he plans to (a) review and (b) update the UK–Southern Africa Economic Partnership Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
On average, from 2022 to 2024, the agreement between the UK and SACUM members has resulted in over £2.3bn of imports entering the UK eligible for reduced duties each year, with £2.1bn benefitting from the lower duty rate afforded under the agreement. During this time, more than £2.0bn of goods benefitting from reduced duties originated from South Africa.
The EPA has delivered tariff savings and lowered import costs for British consumers and businesses. As set out in the UK Trade Strategy, we have started a tariff review of the UK-SACUM EPA that will aim to further reduce tariff barriers under the Agreement. We will update Parliament once these discussions conclude.