Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, how much the British Business Bank has invested directly in companies through its Future Fund: Breakthrough programme as of 28 November 2023.

Future Fund: Breakthrough is delivered by the British Business Bank, via its subsidiary British Patient Capital. It is a UK-wide programme which encourages private investors to co-invest alongside government in high-growth, R&D intensive, innovative firms.

From the start of the programme in 2021 to 28 November 2023, Future Fund: Breakthrough has committed to invest £119 million of which £97.6 million has been paid. Across these transactions, the programme has leveraged £724 million of investment from the private sector.

The government has announced an extension to Future Fund: Breakthrough of at least £50 million, building on the original commitment of £375m.