Question

To ask the Secretary of State for Business, Innovation and Skills, if he will take steps to allow the British Business Bank to provide bonds for companies in the offshore wind supply chain for the purpose of enabling those companies to take on additional orders.

Since 1st November 2014 the Business Bank has been an operationally independent public limited company, which is wholly owned by Her Majesty’s Government.

It is conducting research, working alongside Department for Business, Innovation and Skills officials, to better understand the market for performance bonds and its impact on smaller companies.

Bonds and guarantees have been supported by the Enterprise Finance Guarantee, which is delivered by the Business Bank via participating lenders, since April 2014.