Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to page 65 of the Autumn Budget and Spending Review 2021, how much and what proportion of the £1.6 billion for the British Business Bank’s regional funds has been allocated to each of the qualifying regions as of 8 March 2023.

The Nations and Regions Investment Funds were announced at the 2021 Spending Review and will be delivered by the British Business Bank. The Funds will deliver a mix of debt and equity finance to businesses in their area. The allocations are:

• £600m for a new Northern Powerhouse Investment Fund;
• £400m for a new Midlands Engine Investment Fund;
• £200m for a South West Investment Fund;
• £150m for a Scotland Investment Fund;
• £130m for a Wales Investment Fund; and
• £70m for a Northern Ireland Investment Fund.