Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, how many businesses have received funding from the Global Britain Investment Fund; and how much and what proportion of the Fund has been spent.

The Global Britain Investment Fund (GBIF) was launched in April 2022 which brought together several pre-existing funds under one banner. Following the machinery of government change in February 2023, GBIF is now shared between the Department for Business and Trade, the Department for Energy Security and Net Zero, and the Department for Science, Innovation and Technology.

To date 110 businesses have received funding, with a total of £630m grant allocated and £169m so far claimed by recipients. As such, 72% of the £880m of funding for GBIF has been allocated and 19% has been paid to date.