Question

To ask the Secretary of State for Business, Innovation and Skills, what proportion of investments made through the British Business Bank has been made in the North East.

As at 30 June, the North East accounts for 5% of the finance facilitated by the British Business Bank. Given that the North East accounts for 3% of the small business population this means that the region enjoys more than its pro rata share of Business Bank investment.

I am pleased that since 2010, there are 11,800 new businesses in the North East. The historic Tees Valley devolution deal, worth £450million, and the North East Combined Authority deal, worth £900million, recently signed by the Chancellor will help drive locally led economic growth and a thriving business environment.